The Graph Below Shows the Total Sales (In Thousands of Dollars)

question 10

Multiple Choice

The graph below shows the total sales (in thousands of dollars) in a supermarket during a typical 24-hour period. (i) Estimate the rate of sales during the period from 6 A.M. to 12 noon.
(ii) Which 6-hour interval sees the highest rate of sales and what is this rate?

• A) (i) $167/hr (ii) 6pm to 12 noon
• B) (i) $1167/hr (ii) noon to 6pm
• C) (i) $667/hr (ii) 12 noon to 6 pm $1167/hr.
• D) none of these

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Definitions:

Cost Constraint

The Cost Constraint principle in accounting refers to the idea that the value of the information provided by financial reports should outweigh the cost of providing it.

Going Concern

The assumption that an entity will continue its operations in the foreseeable future and not go bankrupt or be forced to stop operations.

Financial Statements

Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.

Fundamental Qualitative

This term is incomplete without referencing specific context, but it often relates to the essential qualitative characteristics that information must possess to be useful in decision making, such as relevance and faithful representation.