Which of the following is true of a contract where one of the parties is insane but not adjudged insane?
A) The contract is voidable by the competent party.
B) The contract is only voidable by the insane person.
C) Only the court appointed legal guardian to the insane person can modify contracts.
D) The non-insane person must be placed in status quo if the insane person voids the contract.
B
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If a business involves high risk, a single factor such as ________ will be so important as to outweigh other factors.
A. limited liability B. financing C. formalities D. taxation
The basis used in computing unit cost for the process costing system is made up of certain specific jobs worked on during the fiscal year
Indicate whether the statement is true or false
Quinn signs a check “pay to the order of Ronda” drawn on Quinn’s account in Suburban Bank. Quinn has $400 in his account but the amount of the check is $500, which the bank pays. This is
A. a dishonored check. B. an overdraft. C. a certified check. D. a stale check.
The level of didcretionary costs
a. are determined when capital investment is undertaken. b. are set by management for one period at a time. c. always varies with sales. d. cannot be changed in the short run.