What is a formal contract? How does a formal contract differ from an informal contract?
A formal contract is legally binding because of its particular form or mode of expression. For example, a contract under seal, a negotiable instrument, a letter of credit, or a recognizance is a formal contract. A formal contract differs from an informal contract because informal contracts, which may be oral or written, do not depend on mere formality for their legal validity.
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Significant noncash transactions are not reported on the statement of cash flows, but either in a separate schedule or in a note to the financial statements
a. True b. False Indicate whether the statement is true or false
On January 1 of the current year, Jimmy's Sandwich Company reported total stockholders' equity of $122,500. During the current year, total revenues were $96,000 while total expenses were $85,500. Also, during the current year the company paid $20,000 in dividends. No other changes in equity occurred during the year. The change in total equity during the year was:
A. A decrease of $30,500. B. An increase of $73,500. C. An increase of $30,500. D. An increase of $9,500. E. A decrease of $9,500.
Identify the pronoun or pronouns in the sentence. Wait! Give him the plane ticket and passport!
Stockholders primarily use managerial accounting information for decision-making purposes
Indicate whether the statement is true or false