The cash basis of accounting is required under generally accepted accounting principles
Indicate whether the statement is true or false
F
You might also like to view...
Paris Company issued bonds in the amount of $500,000 with a stated interest rate of 8%. If the interest is paid semiannually and the bonds are due in 10 years, what would be the total amount of interest paid over the life of the bonds?
A) $500,000 B) $200,000 C) $400,000 D) $ 40,000
Who administers the federal unemployment compensation laws?
a. The Social Security Administration. b. The states. c. The federal courts. d. The NLRB.
In waiting line problems, the service rate is assumed to follow a probability distribution known as ______.
a. discrete Poisson distribution b. binomial distribution c. normal distribution d. negative exponential distribution
Kimberley, a merchant seller in Kansas, had an oral contract to sell goods to Jane, a merchant buyer in Memphis, for $100,000. Two days after contracting, Kimberley sends a sufficient written confirmation to Jane of the agreed-upon transaction. Jane, who has reason to know the contents of the written confirmation, fails to immediately object to the contents of the confirmation. Two weeks after receiving the written confirmation, Jane receives delivery of the goods from Kimberley, and Jane then sends an objection to the written confirmation to Kimberley. Which of the following is true of the contract between Kimberley and Jane?
A. The Statute of Frauds can be raised against the contract because a letter of objection was sent to the offeror. B. The offer is valid as the offeree knew the contents of the confirmation and did not object within 10 days. C. The contract is void as the offeror did not receive a letter of confirmation from the offeree for delivery. D. The Statute of Frauds can be raised because the offeree did not sign the contract.