Perform the Requested Conversion

question 41

Multiple Choice

Perform the requested conversion.
-Convert 12% to decimal form.

• A)1.2
• B)0.012
• C)12
• D)0.12

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Definitions:

Gross Method

An accounting method for recording purchases at the invoice's full amount without deducting any cash discounts.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overheads, payroll, taxation, and interest.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specific intervals, rather than continuously.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used to prepare financial statements.