The Following Information Was Provided by Grand Company for the Year

question 45

Multiple Choice

The following information was provided by Grand Company for the year just ended: The cost of goods manufactured for the year was:

• A) $95,345.
• B) $104,655.
• C) $395,345.
• D) $404,655.

---

Definitions:

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the U.S. to govern financial reporting and ensure consistency.

Accounting Standards

Rules and guidelines used in the preparation and presentation of financial statements to ensure accuracy, completeness, and consistency.