The Use of the Gross Profit Method Assumes

question 59

Multiple Choice

The use of the gross profit method assumes

• A) the amount of gross profit is the same as in prior years.
• B) sales and cost of goods sold have not changed from previous years.
• C) inventory values have not increased from previous years.
• D) the relationship between selling price and cost of goods sold is similar to prior years.

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Definitions:

Culturally Appropriate

Ensuring that behaviors, practices, or interventions are respectful of and relevant to the cultural backgrounds of the people involved.

Self-Awareness

The conscious knowledge of one's own character, feelings, motives, and desires.

Rapport

A harmonious relationship in which people or groups concerned understand each other's feelings or ideas and communicate well.

Mutual Confidence

The shared belief in the reliability, truth, ability, or strength of each other within a relationship.