Two Accounts That Appear on the Financial Statements of a Merchandising

question 92

Multiple Choice

Two accounts that appear on the financial statements of a merchandising company but are not needed by a service company are:

• A)cost of goods sold and depreciation.
• B)cost of goods sold and net income.
• C)cost of goods sold and inventory.
• D)inventory and depreciation.

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Definitions:

Stored Information

Data or knowledge kept in the brain or another storage system, which can be retrieved when necessary.

Memory Recall

The process by which information is retrieved from past memories or learned data.

Miller

Refers to George A. Miller, a psychologist known for his work on the magical number seven, plus or minus two, related to the limits of human memory capacity.

Iconic Memory

A type of visual sensory memory that holds a brief replica of visual scenes for a very short duration before fading or being processed further.