Part 1: Identification and Significance of Terms Please identify or define each term or group of terms and give the political significance.  These are short answer responses, just a few sentences. Be specific when giving a political significance. Each term is 5 points (3 points for the definition, 2 points for significance), 50 points total this section.

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“Cross-talk” in a 12-step meeting means

Zebulon was shopping when he saw the Walmart store brand version of macaroni and cheese. He noticed that the packaging for it was very similar to Kraft brand, so he deduced that the Walmart store brand is probably of similar quality to Kraft. Zebulon just relied on _______.

Toxicity is the degree to which a substance can harm living organisms

Inventory records for Herb’s Chemicals revealed the following:   March 1 inventory – 1,000 gallons @ $7.20 = $7,200   Purchases:   Sales:   Mar. 10 600 gals @ $7.25 Mar.5 400 gals Mar. 16 800 gals @ $7.30 Mar. 14 700 gals Mar. 23 600 gals @ $7.35 Mar. 20 500 gals     Mar. 26 700 gals   The ending inventory assuming LIFO in a perpetual inventory system would be:

If a corporation purchases land and building and subsequently tears down the building and uses the property as a parking lot, the proper accounting treatment of the cost of the building would depend on

Thompson Company incurred research and development costs of $100,000 and legal fees of $70,000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Thompson record as Patent Amortization Expense in the first year?

The following items were included in Young&Crazy Corporation’s inventory account on December 31, 2010: Merchandise out on consignment, at sales price,            including 40% markup on selling price       $14,000 Goods purchased, in transit, shipped F. O. B. shipping point 12,000 Goods held on consignment by Young&Crazy     9,000             Young&Crazy’s inventory account at December 31, 2010 should be reduced by

Under the lower-of-cost-or-market method, the replacement cost of an inventory item would be used as the designated market value