An unconditional promise to perform is known as a(n):
A) Covenant. B) Irrevocable offer.
C) Firm offer. D) Estopped promise.
A
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When focusing on recommendations in an analytical report, what should be done as soon as the need for action has been introduced by describing the problem or opportunity?
A) Summarize your recommendations. B) List the recommendations required to achieve the desired benefits. C) Explain each step fully. D) Introduce benefits that can be achieved if the recommendations are adopted. E) Introduce a cost analysis of the desired benefits.
Pricing is one of the most important strategic decisions a firm faces because it reflects the value the product delivers to consumers as well as the value it captures for the firm.
Answer the following statement true (T) or false (F)
Before an unsecured creditor can seize a debtor's property and sell it to satisfy a debt, the creditor must first obtain a(n)
a. repossession order. b. assignment. c. replevin. d. judgment.
Marvel Bank & Trust operates in a very competitive marketplace, using a traditional labor-hour-based system to determine the cost of processing its mortgage loans. Recently, the firm explored a switch to activity-based costing to determine the wisdom of its previous ways. The following information is available:ActivityCostDriveDriver UnitsApplication processing $900,000 Applications4,000Loan underwriting 800,000 Underwriting hours16,000Loan closure 880,000 Legal hours8,000Total$2,580,000??Two loan applications, among many others, were originated and closed during the year. No. 7439 consumed 3.5 hours in loan underwriting and 1.5 hours in loan closure, for a total of 5.0 hours. No. 7809 also required 5.0 hours of time, subdivided as follows: 2.0 hours in loan
underwriting and 3.0 hours in loan closure.Required: A. Use an activity-based-costing system and determine the cost of processing, underwriting, and closing the two loan applications.B. Determine the cost of processing the two loans if Marvel uses the traditional labor-hour-based system. Conversations with management found that, on average, each application took nine labor hours of processing time, excluding underwriting and closure.C. Is Marvel making a mistake by continuing to use a traditional system that is based on an average labor cost per hour? Why? What will be an ideal response?