Which of the Following Products Would Be Considered an Unsought

question 228

Multiple Choice

Which of the following products would be considered an unsought good or service by a typical college student?

• A)college textbook
• B)pizza
• C)car towing
• D)Internet service provider

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Definitions:

Cost of Goods Sold

Calculates the direct costs attributable to the production of the goods sold by a company, including materials and labor.

Extraordinary Items

Events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence, no longer classified separately in financial statements as of recent accounting standards.

Financial Statements

Reports that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.

Extraordinary Gains

Unusual and infrequent gains that are reported separately from regular income because they result from events that are not part of the company's usual business activities.