When Was the Interstate Commerce Act Passed

question 13

Multiple Choice

When was the Interstate Commerce Act passed?

• A)1887
• B)1964
• C)1920
• D)1945
• E)1934

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Definitions:

Gross Profit Method

This is an accounting technique used to estimate inventory value, calculating gross margin as a percentage of sales to find the cost of goods sold and ending inventory.

Markup on Cost

The percentage added to the cost of goods to cover overhead and profit, calculated by dividing the gross profit by the cost.

Net Sales

The amount of sales generated by a company after deducting returns, allowances for damaged or missing goods, and discounts.