Each Different Item of Merchandise in a Retail Store Is

question 27

Multiple Choice

Each different item of merchandise in a retail store is called a/an:

• A) consumer offering
• B) store counted item (SCI)
• C) stored and keyed unit (SKU)
• D) stock keeping unit (SKU)
• E) economic unit

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Definitions:

Mode

The value that appears most frequently in a data set, representing the most common or popular response in a collection of data.

Frequently Occurring

Happening or appearing in a pattern that repeats often within a given time frame.

Adjusting Entries

Journal records created at the close of an accounting cycle to distribute revenues and costs to the period they truly happened in.

Prepaid Insurance

The portion of insurance premiums that has been paid in advance and is considered a current asset on the balance sheet because it provides future economic benefits.