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c. materiality d. full disclosure. 22. The accounting convention that i statements is a. materiality b. full disclosure. c. consistency d. conservatism. s most responsible for the increase in the number of notes to financial 23. The convention of consistency relates most closely to a. cost-benefit. b. comparability c. materiality d. full disclosure 24. A company should classify land held for a planned manufacturing facility as a. an intangible asset. b. an investment. c. a current asset. d. property, plant, and equipment. 25. Which of the following activities is not a component of the operating cycle? Payment of employees' wages b. a. Sale of merchandise Purchase of merchandise c. d. Collection of cash from merchandise sales 26. Which of the following does not represent a sale? a. Merchandise placed aside for a customer who plans to come in next week and pay with cash b. c. d. Purchase of merchandise by a customer who pays cash Sale of merchandise to a customer who uses a crodit card Purchase of merchandise by a customer who uses a debit card 27. Each of the following companies is a merchandising business except a a. candy store. b. car wash. wholesale parts company d. c. furniture store. Which of the following companies would be most likely to use a computerized perpetual inventory system? a. Fur dealer b. Car dealership c. Auto parts store d. Boat dealership 28. 29. Which of the following should not be included in the count of ending merchandise inventory? Damaged goods to be sold at a reduced price Goods in transit to which a company has title a. b