The difference between a final good and an intermediate good is
A. In how they are used.
B. Final goods are the end result of intermediate goods while intermediate goods are unfinished final goods.
C. Final goods are sold in the product market while intermediate goods are sold in the resource market.
D. Consumers purchase final goods while producers purchase intermediate goods.
E. All of the above are correct.
Ans: E. All of the above are correct.
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Which of the following correctly addresses how international accounting standards differ from U.S. GAAP as they pertain to translation of foreign financial statements using the current or functional method? a. The difference resulting from translation is recognized in income rather than other comprehensive income. b. The methodology varies in that historical rates are used for certain
nonmonetary assets. c. The difference resulting from translation may be recognized in income for reasons besides the parent's disposal of the foreign entity. d. There are no differences.
Almost all current liabilities affect the operating category of the statement of cash flows, but one that does not affect cash provided by operating activities is
a. accounts payable. b. interest payable. c. notes payable. d. taxes payable.