Ancient Athens Had Strict Controls on the Price of Wheat

question 286

Multiple Choice

Ancient Athens had strict controls on the price of wheat, and punishment for violation of the price control was death. The speech by a politician imploring a jury to convict an alleged violator of the law survives to this day: "And consider that in consequence of this vocation, very many have already stood trial for their lives; and so great the [earnings] which they are able to derive from it that they prefer to risk their life every day, rather than cease to draw from, the public, their improper profits." Which of the following is the most likely reason why merchants were willing to risk their lives to charge more than the legal price?

• A) Merchants were irrationally blinded by greed.
• B) Merchants were not aware of the law, since it was not publically declared.
• C) Merchants could not stay in business if they didn't raise prices.
• D) Merchants did not like the general public, who approved of these laws, and this is how some chose their revenge.

Comprehend the process of recording merchandise returns and allowances.

Calculate sales amounts under different payment terms and discounts.

Distinguish between perpetual and periodic inventory systems and their impact on accounting records.

Recognize the recording processes for sales on account, including returns and discounts.

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Definitions:

Jean, Duke of Berry

A French nobleman known for his patronage of the arts and commission of the richly illuminated manuscript "Les Très Riches Heures du Duc de Berry."

Noble Patron

A member of nobility who supports, sponsors, or endorses artists and their work.

Relief Method

A method in sculpture where the carved features are left connected to a solid base made of the same substance, resulting in a prominent relief.

Woodcut

A wood block on the surface of which those parts not intended to print are cut away to a slight depth, leaving the design raised; also, the printed impression made with such a block.