Which of the Following Is CORRECT

question 79

Multiple Choice

Which of the following is CORRECT?

• A)Continental crust is denser than oceanic crust and composed primarily of granite.
• B)Continental crust is less dense than oceanic crust and composed primarily of basalt.
• C)Oceanic crust is denser than continental crust and is composed primarily of basalt.
• D)Oceanic crust is less dense than continental crust and is composed primarily of granite.

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Definitions:

Pretax Income

The income of a business before income taxes are deducted.

Understated

Describes a financial statement element that is reported at a figure less than its actual value, potentially misleading users of the statements.

Ending Inventory

Ending inventory is the total value of goods remaining in stock at the end of an accounting period, used to calculate cost of goods sold and gross profit.

Ending Inventory

The ultimate worth of merchandise up for sale at the termination of a fiscal period.