Which of the following statements concerning contracts is incorrect?
a. A contract is an agreement between parties to do something and can be made either by speaking, writing, or conduct.
b. In the United States an oral contract is legally enforceable if the parties admit that the contract was made.
c. In Japan most contract disputes are discussed and resolved through legal intervention.
d. The word contract is important to legal enforceability.
C
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The Maxa Company normally sells its inventory at a 20% profit margin on sales. In 2016, the net realizable value of inventory purchased for $75,000 declined to $66,000. There are no costs to complete and dispose of this inventory. Using the LIFO method what is the floor constraint on the valuation of this inventory using the lower of cost or market rule?
A) $60,000 B) $66,000 C) $79,200 D) $52,800
Which of the following is an inventory costing method?
A) Perpetual B) Lower-of-cost-or-market C) Specific identification D) Periodic
Which of the following would typically be considered a source document?
a. Chart of accounts b. General ledger c. General journal d. Invoice received from seller
Good public relations can often build trust in an organization, even when reality is destroying it
Indicate whether the statement is true or false