A Company Can Classify Its Products into Four Types That

question 18

Multiple Choice

A company can classify its products into four types that yield different gross margins,depending upon sales volume and promotional costs.The four classifications include all EXCEPT ________.

• A) core product
• B) shopping goods
• C) staples
• D) specialties
• E) convenience items

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Definitions:

AASB 141

The Australian Accounting Standards Board document that outlines the accounting treatment for agricultural activity.

IAS 41

International Accounting Standard 41 relates to agriculture. It prescribes the accounting treatment and disclosures related to agricultural activity.

Agricultural Produce

Products that result from the cultivation and harvest of plants, animals, and other organic materials for human consumption and use.

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.