Amortization expense is deducted from net income in the cash flows from operating activities section of the statement of cash flows
Indicate whether the statement is true or false
F
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A cash refund given for the purchase of a product during a specific period is called
A. cash discount. B. quantity discount. C. functional discount. D. rebate.
Once an ethics statement is written, it should never be revised
a. True b. False
On Monday, Bill agreed to buy vinyl siding for his home from Al, a door-to-door salesman. On Wednesday, he can rescind the contract with no liability for breach of contract
a. True b. False Indicate whether the statement is true or false
Brightstone Co and Allsale Co enter an oral contract providing Allsale will provide 100 dozen 3" toy racecars at $50 per dozen to Brightstone. Brightstone faxes a letter to Allsale acknowledging the agreement, but stating only the quantity, not the price. Allsale:
A) cannot raise the defense of the statute of frauds if Allsale did not object to the letter within ten days after receiving it. B) cannot raise the defense of the statute of frauds since it is a merchant. C) can raise the defense of the statute of frauds since the oral agreement was for the sale of goods with a price of $500 or more. D) can raise the defense of the statute of frauds since the writing did not contain all the material terms of the agreement.