Dick offers to sell Jane his 1955 Thunderbird convertible. Before Jane can accept the offer, lightning strikes the car and it is totally destroyed. Which of the following is true?
A) Jane can still accept the offer and John must find a 1955 Thunderbird to sell.
B) The offer is terminated by law.
C) Dick can still revoke his offer so long as he does so before Jane accepts.
D) Jane can still accept the offer. She will be entitled to the insurance proceeds.
B
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Which of the following is a noncurrent asset?
a. Inventories b. Office supplies c. Land d. Accounts receivable
Which of the following statements regarding leases is false?
a. Lease agreements are a popular form of financing the purchase of assets because leases do not require a large initial outlay of cash. b. Accounting recognizes two types of leases—operating and capital leases. c. If a lessor classifies a lease as a capital lease, then the lessee records a lease liability on its balance sheet. d. If a lease is classified as an operating lease, the lessee records a lease liability on its balance sheet.
Verifications of product movement by examining physical records or performing inventory analysis are characteristics of audits
Indicate whether the statement is true or false
Which term below is defined as independent workers who supply organizations with part-time talent for projects that need to be completed within a certain amount of time?
A. part-time workers B. job sharers C. free agents D. telecommuters