Use the Basic Counting Rule to Solve the Problem

question 34

Multiple Choice

Use the basic counting rule to solve the problem.
-A shirt company has 3 designs each of which can be made with short or long sleeves. There are 5 color patterns available. How many different types of shirts are available from this company?

• A)10
• B)15
• C)30
• D)8

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Definitions:

IFRS

A collection of accounting standards known as International Financial Reporting Standards, developed by the International Accounting Standards Board, which directs the global preparation of financial statements.

Selling Goods

The act of transferring physical products or merchandise to a buyer in exchange for money or other compensation.

Cookie Jar Reserves

An accounting practice where companies store reserves in good years to smooth out earnings by releasing them in bad years, which can be seen as deceptive.

GAAP

The standard set of guidelines for financial accounting that is widely accepted and used within a certain jurisdiction, known as Generally Accepted Accounting Principles.