An agreement whereby the parties to a contract agree to accept something different in
satisfaction of the original contract is called an accord and satisfaction.
Indicate whether the statement is true or false
FALSE
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U.S. GAAP and IFRS require firms to account for correction of errors, regardless of whether they are material or not, by retrospectively restating net income of prior periods and adjusting the beginning balance in Retained Earnings for the current period
Indicate whether the statement is true or false
If both state and federal courts have the authority to hear and decide a case, the matter is said to be one of
a. exclusive jurisdiction. b. long-arm jurisdiction. c. in personam jurisdiction. d. concurrent jurisdiction.
Error control at the data link layer has two elements: detection and correction
Indicate whether the statement is true or false
An egg packing company has stated that the standard deviation of the weights of their grade A large eggs is .07 ounces or less. The sample variance for 51 eggs was .0065 ounces. Can this sample result confirm the company's claim? Use ? = .1