Estimated Gross Profit Rates May Be Used to Estimate a Company's

question 53

Multiple Choice

Estimated gross profit rates may be used to estimate a company's cost of goods sold and its ending inventory for:

• A)quarterly but not for annual financial statements.
• B)both quarterly and annual financial statements.
• C)neither quarterly nor annual financial statements.
• D)annual but not for quarterly financial statements.

---

Definitions:

Allopolyploid

A polyploid whose chromosomes are derived from two species. Compare with autopolyploid.

Chromosomes

Cellular components that hold DNA and transmit genetic data.

Species

A species is a group of living organisms consisting of similar individuals capable of exchanging genes or interbreeding, forming a reproductive group.

Punctuated Equilibrium

The idea that evolution proceeds with periods of little or no genetic change, followed by very active phases, so that major adaptations or clusters of adaptations appear suddenly in the fossil record. Compare with phyletic gradualism.