Only One-Third of the Senate Is Up for Re-Election During

question 36

Multiple Choice

Only one-third of the Senate is up for re-election during any single election year because the framers believed that

• A)too many elections would be difficult for the states to run.
• B)this was a way to make the Senate resistant to popular pressure.
• C)the state legislatures would conspire with each other to elect a Senate dominated by a single party.
• D)this would make members of the Senate more responsive to the preferences of their constituents.

Differentiate between the perpetual and periodic inventory systems and their implications on financial recording.

Understand and apply the concept of trade discounts and their effects on merchandise costs.

Calculate and understand the effects of sales discounts, returns, and allowances on gross profit.

Recognize the importance of the cost of merchandise sold and its calculation under perpetual and periodic systems.

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Definitions:

Financial Statement

Papers that present a summary of a company's financial status, covering the balance sheet, income statement, and statement of cash flows.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, which is used to increase the account.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, based on the accounting equation.

Financial Statement

Reports that summarize the financial performance, position, and cash flows of a business for a specific period.