Which of the following is true for terms to be expressed in a contract under the common law of contract?
A) Additional terms can be added during acceptance.
B) Additional terms can be added without consideration.
C) Gap-filling rules are permitted for time, delivery, and prices of goods.
D) Contract must contain all the material terms of the parties' agreement.
D
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When two companies form a joint venture and each company owns exactly 50% of the joint venture:
A. the cost method is used. B. the equity method is used and line-by-line consolidation is required. C. the company that has more net assets is deemed the parent. D. the equity method is used and line-by-line consolidation is not required.
Under the equity method, a stock purchase is recorded at its original cost and is not adjusted to fair market value each accounting period
a. True b. False Indicate whether the statement is true or false
The auditor must use his or her professional judgment to determine the amount of audit evidence to be gathered.
Answer the following statement true (T) or false (F)
Site preparation costs include all of the following except
a. crane used to install equipment b. freight charges c. supplies d. reinforcement of the building floor