Media Exposure Permits Many Groups to Become Aware of a Style

question 9

Multiple Choice

Media exposure permits many groups to become aware of a style at the same time. As a result, ________ fashion has largely been replaced by ________ fashion.

• A) elite; mass
• B) social; trendy
• C) short-lived; long-lived
• D) niche; anti-

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Definitions:

Ending Inventory

The final amount of goods available for sale at the end of an accounting period, calculated by adding new purchases to beginning inventory and subtracting the goods sold.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serves as a global framework for financial reporting.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards used for financial reporting and accounting in the U.S.

Net Realizable Value

The estimated selling price in the ordinary course of business minus the estimated costs of completion and the necessary costs to make the sale.