Logistical Function Activities Include __________ Products and Services

question 320

Multiple Choice

Logistical function activities include __________ products and services.

• A)buying and selling
• B)assorting, storing, sorting, and transporting
• C)financing and grading
• D)risk taking
• E)marketing information for and research of

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Definitions:

Accounting Estimates

Assumptions made about future financial transactions that impact the reporting of a company's financial statements, such as allowances for doubtful accounts.

Cumulative Adjustment

An accounting method used to make corrections to cumulative errors in financial statements of previous years.

Prior Period Adjustments

Corrections of errors in previously issued financial statements for periods that have already been reported.

Retained Earnings

The portion of a company's net income that is kept within the company rather than distributed to shareholders as dividends.