Choose the One Most Appropriate Response for Each

question 71

Multiple Choice

Choose the one most appropriate response for each.
-adipose tissue

• A)comprises ligaments and tendons
• B)contains collagen and elastin in a disordered gel-like matrix underlying most epithelia
• C)receives, conducts, and initiates signals in response to environmental changes
• D)stores fat
• E)offers resistance to mechanical injury and loss of internal fluids; also a barrier against microorganisms
• F)secretes extracellular products such as milk, mucus, tears, and saliva through ducts
• G)fluid ground substance plus free cells; involved in transport, pH, and temperature stability
• H)extracellular fluid that bathes cells and tissues

Recognize how sales discounts, returns, allowances, and freight costs affect the cost of merchandise and net sales.

Understand the classification and role of operating and non-operating expenses in financial statements.

Learn the process of closing accounts and the effects on financial statements.

Identify inventory shrinkage and its accounting treatment.

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Definitions:

Properly Delivered

Pertains to goods or documents being conveyed to the correct recipient in good condition and within the agreed timeframe.

Bearer Paper

A negotiable instrument that is payable to whoever holds the document; the physical possession of the document is the only requirement for entitlement to payment.

Stop Payment Order

A stop payment order is a request made to a bank or financial institution to cancel a check or payment before it is processed or cashed.

Holder In Due Course

A party possessing a negotiable instrument, such as a check or promissory note, who has certain rights to payment and is protected against some defenses if the instrument was acquired in good faith.