Computers for You Is a Retailer Specializing in Selling Computers

question 30

Multiple Choice

Computers For You is a retailer specializing in selling computers and related equipment.Which of the following would not be reported in the merchandise inventory account reported on the statement of the financial position for Computers For You at December 31, 2011?

• A)Computers purchased for resale during November 2011.
• B)Shelving materials purchased during December 2011.
• C)Freight costs related to the computers purchased in November. d all of the choices are included in the merchandise inventory account at December
• 31, 2011.

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Definitions:

Governance Report

A document outlining the structures, practices, and processes an organization utilizes to direct and manage its operations, ensuring accountability, fairness, and transparency.

Financial Report

A formal record that outlines an entity's financial activities and condition, often including income statements, balance sheets, and cash flow statements.

Internal Revenue Service

The federal agency in the U.S. that collects taxes and enforces tax legislation.

Board Duty

Refers to the legal and ethical responsibilities held by the board of directors of an organization, typically involving governance, oversight, and policy-making.