The Restatement (2d) of Contracts defines a promise as:
a. a manifestation of the intention [of a party] to act or refrain from acting in a specified manner b. an unwritten agreement [of a party] to act or refrain from acting in a specified manner
c. a legally binding understanding between parties not to act in a specified manner that would affect the rights of others
d. the positive intention of a party not to act in a specified manner e. none of the other choices are correct
a
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Over sufficiently long time periods, the amount of net income equals
a. cash inflows minus cash outflows from operating activities. b. cash inflows minus cash outflows from operating and investing activities. c. cash inflows minus cash outflows from operating, investing, and debt servicing activities. d. cash inflows minus cash outflows from operating and debt servicing activities. e. cash inflows minus cash outflows from investing and debt servicing activities.
$1,000 received 5 years from today discounted at an annual rate of 10% has a smaller present value than $1,000 received 10 years from today discounted at an annual rate of 5%
Indicate whether the statement is true or false.
Specific performance is an equitable remedy requiring a party to pay the non-breaching party a specified sum of money for breach of contract
Indicate whether the statement is true or false
You are reviewing the accounting records of Buddy's Foreign Automotive, owned by Bruce Jones, its sole stockholder. You have uncovered the following situations. List the appropriate accounting principle related to each independent scenario and suggest a correct action for each .
1. In August, a check for $500 was written to Community Sports. This amount represents soccer camp for his daughter Cassie. 2. Bruce plans a Going Out of Business Sale for June, since he will be closing the business for a month-long vacation in July. He plans to reopen August 1 and will continue operating Buddy's Foreign Automotive indefinitely. 3. Buddy received a shipment of tools from Ontario, Canada. The invoice was stated in Canadian dollars. 4. Sandy Lane paid $1,500 for a major repair services. The amount was recorded as revenue. The parts for the repair must be ordered from overseas and the service won't be complete until the following month.