Allen enters into a contract with Joe to sell his car. However by mistake, he undervalues his car. Though the actual value of the car is $6000, he sells it to Joe for $3000. During the purchase, Joe is aware of the actual value but does not communicate this fact to Allen. Which of the following is likely to be true in such a scenario?
A) Allen is entitled to compensation through a court of law.
B) Allen is entitled to cancel the contract because he was not aware of the actual value.
C) Joe is entitled to keep the car because the contract is valid.
D) Joe must pay the difference to Allen in order to validate the purchase.
C
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Sharp Inc manufactures high quality sunglasses that carry the endorsements of several sports personalities. In an effort to achieve sales targets for the fourth quarter of the year, Sharp Inc pressured its independent distributors to make unusually large orders of the sunglasses. Low-priced imitations of these sunglasses hit the market soon thereafter, causing the distributors to accumulate large
inventories. The distributors shipped these sunglasses back to Sharp Inc Sharp Incstored the returned sunglasses in a remote warehouse out of the view of its auditors and did not record them as returned goods. The actions a. are in accordance with U.S. GAAP. b. are in accordance with IFRS. c. violate ethical principles. d. are in accordance with U.S. GAAP, but not IFRS. e. are in accordance with IFRS, but not U.S. GAAP.
Revenue expenditures:
A. Extend the asset's useful life. B. Are debited to asset accounts when incurred. C. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. D. Substantially benefit future periods. E. Are known as balance sheet expenditures because they relate to plant assets.
The proxy process gives management effective control over the election to the board of directors
Indicate whether the statement is true or false
Recording a deed is done primarily to protect the
a. county clerk. b. buyer. c. seller. d. buyer's attorney.