According to Peek, Which of the Following Are Reasons Why

question 204

Multiple Choice

According to Peek, which of the following are reasons why people adopt a religious identity in a multi-cultural society such as the United States?

• A) religion offers people community networks, economic opportunities, and educational resources.
• B) religion may serve as an important marker that helps preserve group cohesion.
• C) religion can serve to reduce tensions caused by immigrant and ethnic diversity, so that people identify themselves first and foremost by their religious identity.
• D) all of the above

Distinguish between FOB shipping point and FOB destination and its impact on inventory valuation.

Analyze the effects of consigned goods on inventory accounts.

Understand how merchandise returns from customers are recorded in accounting.

Comprehend the components that constitute the cost of merchandise inventory.

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Definitions:

Accounting Profit

Accounting profit is the financial gain calculated by subtracting total explicit costs from total revenue.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs necessary for the production of goods or services.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own use, without any direct payment made.

Opportunity Cost

The worth of the best alternative given up to make a choice.