Agency theory involves: Separation of ownership and control issues. Methods for firms to provide for the sick, the young, the elderly, and the environment. Issues related to high tax rates that undermine incentives. Ways/methods to encourage entrepreneurship. If the firm's inventory turnover ratio is below the industry average and has been declining over the past five years, which statement would be true?: the firm has no profitable products raw materials costs must also be declining the firm may have obsolete inventory the competition is doing much worse than the firm none of the above would be true Which of the following would be considered users of accounting information? Owners and managers Investors and creditors Government agencies Others-labor unions, suppliers, employees All of the above are users of accounting information Which of the following ratios are directly impacted by the level of debt a company has? Inventory turnover Times interest earned Average collection period Gross profit margin operating profit margin___________are by far the most common type of business organization in the United states Sole Limited liability companies Corporation General partnerships The difference between the revenue that a company brings in from selling goods and services and the generating this revenue is called_________. gross margin accounts receivable cost of goods sold not income