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The standards and rules that are recognized as a general guide for financial reporting are called __________. A. generally accepted accounting principles B. generally accepted accounting
standards C. operating guidelines D. standards of financial reporting
A. generally accepted accounting principles
Expert answered|kirkus92|Points 90|
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Asked 4/29/2013 5:36:51 PM
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A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____. A. $75 B. $60 C. $50 D. $65
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Expert Answered
Updated 5/13/2014 10:42:00 PM
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The standards and rules that are recognized as a general guide for financial reporting are called generally accepted accounting principles.
Added 5/13/2014 10:42:00 PM
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