Under JCPenney's Everyday Low Pricing Policy, the Everyday Low Prices

question 36

Multiple Choice

Under J.C.Penney's everyday low pricing policy, the everyday low prices

• A)ended up being the highest prices ever charged by the company.
• B)were always lower than the sale prices under the previous policy.
• C)were not actually charged every day, but only once a month during half-off sales.
• D)ended up being higher than the sale prices under the previous pricing policy.

---

Definitions:

Functional Currency

The primary currency of the primary economic environment in which the entity operates, usually the local currency or the currency of the primary sales market.

Current Rate Method

A method of foreign currency translation where assets and liabilities are converted at the current exchange rate.

U.S. GAAP

Stands for United States Generally Accepted Accounting Principles, which are the accounting standards used by companies in the United States to prepare their financial statements.

Functional Currency

The currency of the primary economic environment in which an entity operates and generates cash flows.