Table 7-10 -Refer to Table 7-10.You and Your Best Friend Want to Best

question 48

Multiple Choice

Table 7-10

-Refer to Table 7-10.You and your best friend want to hire a professional photographer to take pictures of your two families.The table shows the costs of the four potential sellers in the local photography market.You and your friend take bids from the sellers.Who offers the two winning bids,and what do they offer to charge for the photography sessions?

• A) LeBron and Kobe; more than $450 but less than $600
• B) Kevin and Steve; more than $450 but less than $600
• C) LeBron and Kobe; more than $700
• D) Kevin and Steve; less than $400

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Definitions:

Accounting Principles

The rules and guidelines that businesses follow to report financial information consistently and accurately.

Private Sector

The part of the economy that is owned and operated by individuals and companies for profit, and is not controlled by the state.

Financial Accounting Standards Board

An independent organization responsible for establishing and improving financial accounting standards in the United States.

Economic Entity Assumption

A fundamental principle in accounting that separates the transactions of a business from those of its owners or other businesses.