The parol evidence rule holds that when persons have signed a contract as their final and complete expression of intention (integrated contracts), then neither party may introduce in court any evidence of prior or contemporaneous oral or written material that adds to or modifies that written contract
Indicate whether the statement is true or false
T
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The Overhead account is used to accumulate actual overhead costs
Indicate whether the statement is true or false
A company that sets its goals and strategies based on what its current equipment can manufacture, what its engineering can design, and what the company itself can do best has a(n)_____orientation
a. marketplace b. sales c. exchange d. production
Sustainability in the context of creating environmental value refers to ______.
a. ensuring a steady and long-term stream of revenues b. ensuring a steady and long-term stream of profits c. ensuring that current operations do not deplete resources now and for the future d. ensuring a steady and long-term stream of sales
Houston Co. borrowed $20,000 from Dallas Co. on March 1, Year 1. Houston issued a note payable that had a one-year term and the annual interest rate is 8%. How will the necessary adjustment, dated December 31, Year 1, affect the elements of the Year 1 financial statements?
A. Increase liabilities and increase expenses B. Increase assets and increase liabilities C. Increase assets and increase revenues D. No effect