The reasonable person test is used to judge contracts involving mechanical fitness
Indicate whether the statement is true or false
TRUE
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When merchandise is sold and the perpetual system of inventory is used, the journal entry for a sale would include
a. debiting Accounts Receivable and crediting Sales. b. debiting Accounts Receivable and crediting Merchandise Inventory. c. debiting Accounts Receivable and crediting Cost of Goods Sold. d. debiting Cost of Goods Sold and crediting Sales.
The principle of normal trade relations (most-favored-nation) treatment was established with the passage of the
a. Fordney-McCumber Act of 1922. b. Smoot-Hawley Act of 1930. c. Reciprocal Trade Agreements Act of 1934. d. Trade Act of 1974.
The direct charge-off method of recognizing uncollectible accounts is not in accordance with good accounting practice
Indicate whether the statement is true or false
Book value per share refers to the
A) net assets represented by one share of a company's stock. B) highest price that investors will pay for a share of stock. C) issue price of the stock, less any market decline since issuance. D) par or stated value of a share of stock.