Transactions involving auction sales come under the purview of the CISG
Indicate whether the statement is true or false
False
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Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, $223,000; Sales Returns and Allowances, $11,200; Sales Discounts, $1,800; Merchandise Inventory, January 1, 2011, $67,600; Merchandise Inventory, December 31, 2011, $78,300; Net Purchases, $84,000; Freight In, $950; Salaries, $107,200; Rent, $19,500; Utilities, $1,450; Insurance, $2,150; and Income Tax, $14,900.
A. $135,750 B. $210,000 C. $9,450 D. ($9,450)
On July 15, Zink Jewels agrees to a contract to sell 4,000 promise rings for $100,000 to Costless Stores, Inc On October 1, after 2,000 rings pair of have been delivered, Zink and Costless modify the agreement to reduce the price of the remaining 1,000 rings to $12 each. During October, Zink Jewels delivers 600 rings. How much revenue will Zink recognize for the month of October?
A) $13,050 B) $7,200 C) $3,300 D) $2,175
An example of a public source of information consulted during an external search would include
A. Consumer Reports magazine. B. your brother-in-law. C. a sales person at the Apple Store. D. a point of purchase display at Target. E. People magazine advertising.
U.S. GAAP and IFRS require firms to classify derivatives as
a. fair value hedges, only. b. cash flow hedges, only. c. not a hedging instrument, only. d. fair value hedges or cash flow hedges, only. e. fair value hedges, cash flow hedges, or not a hedging instrument.