Statement I: Over the Last Two or Three Decades,our Economy

question 146

Multiple Choice

Statement I: Over the last two or three decades,our economy has become increasingly integrated with the global economy.
Statement II: While the global economy has caused the loss of millions of manufacturing jobs,so far white-collar jobs have not moved offshore.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Retail Method

An inventory valuation method used in retail, estimating inventory costs based on the relationship between the cost and retail price of goods.

Inventory Costing

A method used to value inventory, determining the cost of goods sold and remaining inventory value.

Markup

The amount added to the cost of goods to cover expenses and generate profit, usually expressed as a percentage of the cost.

Physical Inventory

The process of counting and verifying the actual quantities of merchandise or goods in stock, typically performed at the end of an accounting period.