An ambiguity in a contract may constitute a mutual mistake of a material fact.
Answer the following statement true (T) or false (F)
True
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Which of the following describes establishing a price that provides the rate of return demanded by senior management?
A) skimming B) return on sales pricing C) penetration pricing D) competitive pricing
An objective of segregation of duties is to structure the organization so that the perpetration of a fraud requires collusion between two or more individuals. What must a company do to achieve this objective? Why?
Tanning Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $300,000 and credit sales are $1,000,000. An aging of accounts receivable shows that 5% will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment?
A) Bad Debts Expense 13,000Allowance for Doubtful Accounts 13,000 B) Bad Debts Expense 15,000Allowance for Doubtful Accounts 15,000 C) Bad Debts Expense 13,000Accounts Receivable 13,000 D) Bad Debts Expense 15,000Accounts Receivable 15,000
The appropriate section in the statement of cash flows for reporting the purchase of land in exchange for common stock is:
A. Financing activities. B. Schedule of noncash investing or financing activity. C. Reconciliation of cash balance. D. Operating activities. E. Investing activities.