Bailey Co and Spryt Bros. enter into a contract for the manufacture and sale of 400 lawn chairs. If both parties agree that a modification is necessary
a. the surest way to modify the contract is to liquidate it.
b. they may not do so without court supervision.
c. an agreement to rescind the contract will terminate the contractual rights of Bailey Co. and Spryt Bros. if neither of them had completed their obligations.
d. courts will generally not enforce a cancellation and modification of a contract unless one party received inadequate consideration under the original contract.
c
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Describe the concepts of normative influence and comparative influence among reference groups
What will be an ideal response?
The credit department uses accounts receivable master data to complete several of their activities
Indicate whether the statement is true or false
Typically, the chart of accounts begins with
a. revenue accounts. b. asset accounts. c. liability accounts. d. expense accounts.
A short-term investment in a U.S. Treasury bill costs $24,400 and will mature six months later at $25,000 . Management intends to hold the investment until it matures. The entry to record the initial investment is:
a. Short – Term Investments 25,000 Cash 25,000 b. Cash 24,400 Short – Term Investments 24,400 c. Short – Term Investments 24,400 Cash 24,400 d. Cash 25,000 Short – Term Investments 24,400 Interest Income 600