A offers B $100,000 for his farm, and they sign an agreement for the sale. Before the money is paid, A finds out that the market value of the farm is only $55,000 . A:
a. must buy the farm, but the price will be lowered to create consideration of proper value
b. does not have to go through with the contract because there is not adequate consideration c. does not have to go through with the contract because there was a mistake of fact
d. must buy the farm, but the price will be lowered when the court reforms the contract e. none of the other choices
e
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A check drawn by a company for $360 in payment of a liability was recorded in the journal as $630 . What entry is required in the company's accounts?
a. debit Accounts Payable; credit Cash b. debit Cash; credit Accounts Receivable c. debit Cash; credit Accounts Payable d. debit Accounts Receivable; credit Cash
In order to perform their required roles and be valuable business partners, accountants must understand all of the following except:
A. What risks the business faces, and how internal controls can mitigate those risks. B. How the business collects data, summarizes it, and communicates business information. C. How the business delivers value, interacts with other businesses, and is a good corporate citizen. D. How the business identifies and designs its products and services.
Which of the following identify the three stages of the interview process?
A) Planning, conducting and follow-up B) Opening, middle and close C) Warm-up, questions and answers, and close D) Opening, questions and answers, and follow-up E) Planning, questions and answer, and follow-up
A corporation records a dividend-related liability
A) on the payment date. B) on the record date. C) on the declaration date. D) when the stock sells ex-dividend.