The initial step toward forming a contract is to decide on the amount of consideration
Indicate whether the statement is true or false
F
You might also like to view...
Supply chain execution software:
a. accumulates data about orders from retail customers, sales from retail outlets, and data about manufacturing. b. receives and routes customer orders and executes the invoice for the sale. c. Both a. and b. d. Neither a. nor b.
Explain why the correlation of output growth between the U.S. and Europe declined in the late 1980s and 1990s, even though the countries became more economically interdependent. What do you expect will happen to the correlation in the future?
What will be an ideal response?
Assume that you are the new audit senior on the LV Drug Corporation (LVD) engagement. LVD is a pharmaceutical company that has three successful drugs and a number of drugs in progress in its research and development pipeline. You are considering your audit plan and it is important to identify the inherent risks that LVD has and how they relate to the planning process.Required:For each of the following factors, indicate whether it will tend to increase, decrease, or have no effect on inherent risk, and the reasoning for your answer.a. Dr. Jones is the major shareholder of LVD and its CEO.b. Your firm has audited LVD for the last four years.c. There has been high turnover of key accounting personnel during the last two years.d. The internal audit function reports to the audit committee.e.
LVD has been the subject of lawsuits by users of Framadon who claim that the drug affects their liver functions. LVD is confident that there are no such side effects from the use of Framadon. What will be an ideal response?
An investment carries an interest rate of 8% compounded annually. When using the time value of money functions of a financial calculator, the interest rate is entered as 8, whereas it is entered as 0.08 when using a spreadsheet to make the time value of money calculations.
Answer the following statement true (T) or false (F)