10. For a non-monetary exchange of plant assets, accounting recognition should not be given to a ___________.

a.

loss when the exchange has commercial substance

b.

gain when the exchange has commercial substance

c.

loss when the exchange has no commercial substance

d.

gain when the exchange has no commercial substance

11.

Inventories are included in the computation of net income to determine_______________.

a.

cost of goods sold

b.

cost of purchases

c.

merchandise returns

d.

sales revenue

Clear my choice