A Firm That Reprocesses a Product or Service It Buys

question 167

Multiple Choice

A firm that reprocesses a product or service it buys before selling the product again to the next buyer is referred to as

• A) an industrial firm.
• B) a reseller firm.
• C) a government agency.
• D) a wholesaler.
• E) a retailer.

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Definitions:

FASB

The Financial Accounting Standards Board, a private, non-profit organization that establishes financial accounting and reporting standards in the U.S.

Comprehensive Income

Comprehensive Income includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

IFRS

International Financial Reporting Standards, which is a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.

U.S. GAAP

United States Generally Accepted Accounting Principles, a framework of accounting standards, principles, and procedures used in the U.S. for financial reporting.