The standards and rules that are recognized as a general guide for financial reporting are called __________.
A. standards of financial reporting
B. generally accepted accounting principles
C. operating guidelines
D. generally accepted accounting standards
2) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?
D. $5,250 ((9,000X2) – (6,000+7,500))