What is the major advantage of the weighted average cost method?
A) simplicity
B) accuracy
C) it is the required method
D) it is the preferred method
A
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Courts will not allow the rescission of a contract due to a unilateral mistake
a. True b. False Indicate whether the statement is true or false
On April 1 Richard arranges to buy a sixteen-speed bike from his neighbor Phil for $500. Phil agrees to deliver the bike on May 1. Richard writes a draft for $500 payable to Phil on May 1. In this situation, the draft is
a. acertificate of deposit. b. atime draft. c. asight draft. d. apromissory note.
Insurers offering variable annuities charge a number of expenses. One category of expenses is to pay the fund manager and to pay brokerage fees. This expense is the
A) investment management charge. B) administrative charge. C) surrender charge. D) front-end load.
During the first year of operations, a company sold $115,000 of goods to customers and received $97,500 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $71,500 in expenses for the year and paid $66,500 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year?
A. $26,000 B. $48,500 C. $43,500 D. $31,000