Two Accounts That Appear on the Financial Statements of a Merchandising

question 134

Multiple Choice

Two accounts that appear on the financial statements of a merchandising company but are NOT needed by a service company are:

• A)cost of goods sold and depreciation.
• B)cost of goods sold and net income.
• C)cost of goods sold and inventory.
• D)inventory and depreciation.

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Definitions:

Probabilities

The quantification of an event's occurrence likelihood, represented as a figure from 0 to 1.

Intersection

The set that contains all elements that are common to two or more sets.

Probability Values

Numerical measures indicating the likelihood of a specific event occurring, ranging between 0 and 1.

Penny Tossed

An experiment often used to explain basic concepts of probability, usually involving the outcomes of flipping a coin.