As a Result of the 1994 Midterm Elections, _____________________

question 54

Multiple Choice

As a result of the 1994 midterm elections, _____________________.

• A) Democrats won a majority of the state governorships
• B) most Republican incumbents failed to win reelection
• C) Republicans gained majorities in both houses of Congress
• D) Democrats retained control of the House but lost control of the Senate

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Definitions:

Balance Sheet

A financial statement that lists assets, liabilities, and equity of a company at a specific point in time, showing its financial position.

Inventory Methods

Techniques used to determine the cost of goods sold and ending inventory value, such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and weighted average cost.

Days' Sales

A measure often used to evaluate the average time it takes for a company to convert its inventory into sales.

Lower-of-Cost-or-Market

An accounting principle that mandates inventory be recorded at the lower between its historical cost and current market value.