Which of the following basic requirements must be met for an offer to sell goods to be a firm offer?
A. It must have been made orally.
B. The outer limit on the period of irrevocability for firm offers must be 10 months.
C. The offeror must be a merchant.
D. It must contain assurances that it will be revocable.
Answer: C
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Answer the following statements true (T) or false (F)
1. Cost center responsibility reports typically focus on the flexible budget variance. 2. Regardless of the type of responsibility center, responsibility reports should focus on information, not blame. 3. Cost center responsibility reports generally focus on the static budget variance. 4. Flexible budgets use budgeted (or standard) costs at the actual level of activity. 5. Responsibility accounting can help managers identify the causes of variances, thereby allowing them to determine what was controllable.
Under U.S. GAAP, the statement of cash flows classifies cash expenditures for interest expense as a(n) _____ activity and classifies cash expenditures to redeem debt as a(n) _____ activity
a. financing; financing b. financing: operating c. operating; investing d. operating; operating e. operating; financing
Which of the following formatting guidelines should you follow to make presentation visuals effective?
A) ?Limit text size to 12 points. B) ?Limit text to three lines per slide and three words per line. C) ?Limit slide titles and headings to two words. D) ?Limit colors to no more than three colors on a slide.
Intense price wars are likely to occur during the growth stage of the product life cycle as competitors attempt to gain market share.
Answer the following statement true (T) or false (F)