Lee has been declared incompetent by the court and is under the care of his sister. Without his sister's knowledge, Lee rents the 30,000-seat civic center for his birthday party. Lee's contract to rent the civic center is best described as a:
A) valid contract.
B) voidable contract.
C) void contract.
D) quasi contract.
C
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Which of the following criteria would require a lessee to classify a lease of land as a capital lease? 1. Transfer of ownership 2. Contains a bargain purchase option 3. Lease term is 75% of economic life 4. Present value of lease payments is 90% of fair value ? ?
A) any of the criteria B) criterion 1 or 2 C) criterion 1, 2, or 3 D) criterion 1, 2, or 4
A manager should focus on the purpose of a report while preparing it
Indicate whether the statement is true or false
The entry to record reimbursement of the petty cash fund for postage expense should include:
A. A debit to Petty Cash. B. A debit to Cash Short and Over. C. A debit to Postage Expense. D. A debit to Cash. E. A debit to Supplies.
What are the advantages and disadvantages of corporate blogs?
What will be an ideal response?