Scenario 10.2 Use the Following to Answer the Questions

question 25

Multiple Choice

Scenario 10.2
Use the following to answer the questions.
An increasing number of people are turning to the Internet to search for information, products, people, news, maps, entertainment, and whatever else you can think of. At the forefront of this massive search is Google. Google's mission is "to organize the world's information and make it universally accessible and useful." Google has developed methods for making information useful to all types of Internet users. Some users want to critique the information, some just want to read the information, and some want to be the information writers. For people who want to dialogue, Google provides various groups, blogs, social networks, and more. For people who want to explore and innovate, Google offers online labs. Google provides the resources for the scientist and poet alike, for the person who wants to actively interact with an online audience, and the person who just wants to sit and look.
-Refer to Scenario 10.2. If you want to read what other people think about products, movies, or world events, Google has online forums and blogs that are readily accessible. ____ would most likely want to simply read the opinions of others.

• A)Creators
• B)Critics
• C)Inactives
• D)Joiners
• E)Spectators

Determine days’ sales in inventory and evaluate company performance.

Understand the lower of cost and net realizable value (LCNRV) rule and its application.

Differentiate between goods on consignment and goods in transit and their impact on inventory.

Grasp the concept of the gross profit method for estimating ending inventory.

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Definitions:

Net Income

The amount of profit that remains after all operating expenses, taxes, and costs have been subtracted from total revenue.

Net Cash

Net cash refers to the amount of cash that remains after subtracting a company's total cash outflows from its total cash inflows, indicating the company's liquidity position.

Income Taxes

Charges imposed by the authorities on earnings from companies and individuals within their territory.