Outbound transportation costs per unit tend to be lower than inbound costs, because inbound lot sizes are typically larger

Which of the following should be disclosed in a Summary of Significant Accounting Policies?

A. Types of executory contracts B. Amount for cumulative effect of change in accounting principle C. Claims of equity holders D. Depreciation method followed

The audit committee of a company which is responsible for the appointment of the independent audit firm should consist of

A) Members of the board of directors who are not officers or employees. B) Representatives of major equity interests (i.e., common and preferred shareholders). C) Representatives from management, suppliers, and shareholders. D) Members of the board of directors who have a financial interest in the company.