Liabilities represent creditors' claims on the business's assets
Indicate whether the statement is true or false
TRUE
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Neither the amount of detail nor the format of a management accounting report is affected by those to whom the report is sent
Indicate whether the statement is true or false
Which of the following describes a situation in which linear programming models may result in unbounded solutions?
a. The model has many restrictions, and the constraints do not have a common feasible region. b. The model has few restrictions, and the feasible region is not bounded by the model constraints. c. The model has unrealistic goals, and the objective function cannot be maximized. d. All of the above
A greater cultural distance between two trading countries
A. reduces the transaction costs associated with business. B. reduces the uncertainty of doing business. C. increases the liability of foreignness. D. increases linguistic similarities between the two countries.
Lulene makes the best lemon meringue pies in Mississippi. So Ellen, who owns Ellen's Old Fashion Cafe, contracts with Lulene to buy 50 pies per week at the price of $5.00 per pie. Although Lulene took a class in business law, she forgot to get her agreement with Ellen in writing. Lulene and Ellen agreed during a chat. Lulene said: "I will supply you with lemon meringue pies for however long you
want them at $5.00 per pie." Ellen said: "That's great, I'll take them." Both women were pleased. Soon Lulene had a problem. Between a hurricane in Florida and brush fires in California, the price of lemons increased by 200%. Now, instead of the $5.00 per pie price she intended to charge Ellen, she feels she must charge $7.00 per pie to make a little profit. Lulene calls Ellen with the bad news and Ellen has a fit. She tells Lulene that's too bad, but the deal is off. Lulene says, "That's what you think!" and goes to see Amanda, her attorney. After Lulene offers to supply Ellen with pies, Ellen says, "That's great, but I would like to have some coconut lemon bars as well." In this case, Ellen's acceptance: a. is valid under the common law only b. is valid based on equivocality c. is invalid because it is unequivocal d. is invalid because it is not a clear acceptance of the offer e. is invalid because it was made too late