Oral contracts are not enforceable unless independent witnesses can give evidence about
the agreement.
Indicate whether the statement is true or false
FALSE
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The ending Merchandise Inventory for the current accounting period is understated by $2,700. What effect will this error have on Cost of Goods Sold and Net Income for the current accounting period?
What should always be included in a feasibility report?
A) Costs associated with implementing the proposal B) Deadlines C) A detailed background on why the report was written D) Criteria that decision makers can use to judge the proposal E) Potential outcomes
Starwood Corporation has current assets of $200,000, total current liabilities of $750,000 net credit sales of $1,300,000, beginning accounts receivable of $65,000 and ending accounts receivable of $69,000. What is Starwood's accounts receivable turnover?
A. 5.8 times B. 21.8 times C. 22.4 times D. 19.4 times
On a life insurance application, Fletcher stated that he was a salesman. He was actually a window washer. After the policy was issued, the insurance company discovered the truth and sought to cancel the policy. Should it succeed?