Multiple Choice
Which type of accounting focuses on reporting a stated amount of income or assets, rather than estimating values?
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1. Introduction to Accounting
Types of Accounting
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Private-label brands are developed and managed by:
A
Retailers
B
Consumers
C
Manufacturers
D
Wholesalers
Verified step by step guidance1
Understand the concept of private-label brands: These are products that are manufactured by one company but sold under the brand name of another company, typically a retailer.
Identify the role of retailers in private-label brands: Retailers develop and manage these brands to differentiate themselves from competitors and offer exclusive products to their customers.
Clarify why manufacturers, wholesalers, and consumers are not the correct answer: Manufacturers produce goods, wholesalers distribute them, and consumers purchase them, but none of these groups are responsible for developing and managing private-label brands.
Focus on the relationship between private-label brands and retailers: Retailers often work with manufacturers to produce goods under their own brand name, ensuring control over quality, pricing, and marketing.
Conclude that the correct answer is 'Retailers,' as they are the ones who develop and manage private-label brands to enhance their market presence and customer loyalty.
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