Under GAAP, Which of the Following Amounts Would Be Reported

question 34

Multiple Choice

Under GAAP, which of the following amounts would be reported as Merchandise Inventory on the balance sheet of a company if the cost of an item is $85 and the current replacement cost is $70?

• A)$155
• B)The average of $70 and $85
• C)$85
• D)$70

Understand the concepts related to economic development and the distribution of wealth.

Assess the role of taxation and regulation in promoting environmental quality through full-cost pricing.

Understand the differences between neoclassical and ecological economic views on natural resources.

Recognize economics as the study of decision-making with limited resources.

---

Definitions:

Somatic Cell

In animals, a cell of the body not involved in formation of gametes. Compare with germ line cell.

Interphase

The stage of the cell cycle between successive mitotic divisions; its subdivisions are the G-22 / Glossary phases.

M Phases

The phase in the cell cycle where mitosis and cytokinesis occur, leading to cell division.

Kinetochores

Protein complexes that assemble on the centromere of a chromosome, playing a crucial role in chromosome segregation during cell division.