Which of the Following Is a Key Feature of a Supermarket

question 96

Multiple Choice

Which of the following is a key feature of a supermarket?

• A) It is a store that offers a complete selection in a narrow range of merchandise.
• B) It is a large outlet store that sells discontinued items, overruns, and factory seconds.
• C) It is a web-based store that offers anything from a single product line to comprehensive selections in multiple product areas.
• D) It is a large, self-service store that offers a wide selection of food and non-food merchandise.
• E) It is a store that sells designer labels and other fashionable products at steep discounts.

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Definitions:

Inventory Method

An accounting technique used to determine the cost of goods sold and the end-of-period inventory valuation.

Retrospective Approach

A method of applying certain changes in accounting policies to past periods as if the new policy had always been in place.

LIFO

Last In, First Out, an inventory valuation method where the most recently acquired items are assumed to be sold first, affecting cost of goods sold and inventory value on the balance sheet.

Basic Accounting Equation

The fundamental equation representing the relationship between assets, liabilities, and owner's equity (Assets = Liabilities + Owner's Equity).