Renew Turf, Inc, enters into a contract with Sports Park to provide surface material for Sports Park's baseball fields by October 1 for a series to begin October 5. The contract specifies an amount to be paid if the contract is breached. This is a liquidated damages clause if the amount is
a. meant to pay for additional liquid sealant in the event of damage.
b. a reasonable estimate of the loss on a breach.
c. designed to penalize the breaching party.
d. intended to quickly provide cash to the nonbreaching party.
B
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Which of the following can be a source of conflict?
a. Values, goals, and priorities b. The need to succeed c. Change d. Limited resources e. All of the above
Precious Stones, Inc, and Sparkling Jewelry stores enter into a contract for a sale of gemstones. Precious Stones does not deliver. The buyer can normally recover as damages the difference between
a. any loss avoided and any profit gained. b. the actual price and the hoped-for price. c. the contract price and the market price. d. the current prices in the parties' locations.
A table that is in first normal form may contain problems that will require you to restructure it.
Answer the following statement true (T) or false (F)
With respect to Government-wide financial statements, which of the following is not required by GASB?
A. Statement of Activities B. Statement of Cash Flow C. Statement of Net Position D. All of the choices are required by GASB