The economic entity assumption requires that the activities
A. Of different entities can be combined if all the entities are corporations
B. Must be reported to the Securities and Exchange Commission
C. Of a sole proprietorship cannot be distinguished from the personal economic events of its owners
D. Of an entity be kept separate from the activities of its owner
Ans: D. Of an entity be kept separate from the activities of its owner
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A retailer has to carefully determine the direct retailing costs associated with stocking a given item in computing _____
a. direct product profitability b. inventory turnover c. return of inventory investment d. gross profit per linear foot of shelf space
Because restaurants have little room to store supplies long term, and because they can't store perishables long term anyway, most restaurants tend to rely on the just-in-time system of inventory control, at least for their perishable foodstuffs
Indicate whether the statement is true or false.