The major difference between gross and net profit is that net profit _____
a. includes transportation charges
b. uses a cost complement calculation
c. is based on LIFO, while gross profit is based on FIFO
d. deducts retail operating expenses
d
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An accountant takes her client to a hockey game following a business meeting. Because it is a playoff game, and the tickets were purchased that day, a premium was paid. The deduction for the tickets is limited to 50% of the face value.
a. true b. false
Which of the following statements does not reflect the changes that have taken place in Russia?
A) Russian shoppers spend billions each year on luxury goods, tourism, and foreign real estate. B) Affluent Russians can shop at boutiques that offer Versace, Burberry, Bulgari, and other exclusive brands. C) The Kremlin limits foreign investment in strategic industries such as oil. D) In March 2014, Putin angered the West by annexing Crimea, a region that had been considered part of Ukraine. E) Faced with a financial crisis and a test of his political will, Putin responded by blaming the protestors for Russia's problems.