If Levi Strauss & Co

question 12

Multiple Choice

If Levi Strauss & Co. were to require every retailer that carried its clothing to charge customers $42 for each pair of jeans, Levi Strauss & Co. would be practicing

Definitions:

Intangible Assets

Intangible assets are non-physical assets owned by a company that have a useful life and provide future economic benefits, such as patents, trademarks, and goodwill.

Physical Form

Physical form refers to the tangible appearance or structure of an item, indicating its material composition and physical characteristics.

Long-term

Pertains to assets, liabilities, investments, or obligations that are expected to be resolved or realized beyond one year.

Income Summary

The income summary account is used in the closing process of accounting to summarize revenue and expenses for a specific period, helping determine the net income or loss.