Formation of Contracts Introduction An offer is the first step in the formation of a contract. It is something that creates a power of acceptance. It is a proposal made by one party to another to enter into a legally binding agreement with her. In Acme Grain Co. v. Wenaus‚ 1917‚ it was observed: ... To constitute a contract‚ there must be an offer by one person to another and an acceptance of that offer by the person to whom it is made. A mere statement of a person’s intention‚ or a declaration
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Grading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. Date Taken: 11/25/2012 Time Spent: 2 h ‚ 18 min ‚ 12 secs Points Received: 143 / 150 (95.3%) Question Type: # Of Questions: # Correct: Multiple Choice 10 9 Short 1 N/A Essay 3 N/A Grade Details - All Questions Page: 1 2 1. Question : (TCO A) Wages paid to an assembly line worker in a factory are
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Executive summary: Whale fishing‚ also known as whaling‚ is a traditional fishing activity which existing thousands of years in the world. Fisherman fishing whales‚ sell of whale meat and oil to make money. With the development of modern fishing technology‚ industrial fishing gradually replaces a large number of private fishing activities‚ which made whaling easier and more efficient. Greenpeace International’s data showed “Commercial whaling during the last century decimated most of the world’s
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1. award: 0 out of 0.00 points On June 1‚ Cline Co. paid $892‚000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying values for Renn’s assets and liabilities on June 1 follow: Cash $ 178‚000 Accounts receivable 237‚000 Capitalized software costs 374‚000 Goodwill 110‚000 Liabilities (201‚000 ) Net assets $ 698‚000 Note: Parentheses indicate a credit balance. On June 1‚ Renn’s accounts receivable had a fair value of $155
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Question 4: Data integrity is essential for a company ’s operations. Describe various steps companies can use to ensure the integrity of its information. Just as the question states‚ data integrity is imperative to the success of a company’s operations. Data integrity is processing integrity which is one the five principles of systems reliability (Romney‚ & Steinbart‚ 2012‚ p. 274). For a company to be successful they must have a reliable system that is accurate‚ easily manipulated‚ timely‚
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CA1-1 1. True. 2. False. Any company claiming compliance with IFRS must comply with all standards and interpretations‚ including disclosure requirements. 3. False. The SEC is the governmental body that has influence over the FASB‚ not the IASB. 4. True. 5. False. The IASB has no government mandate and does follow a due process in issuing IFRS. CA1-3 CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions. 1. GAAP stands for: ANS: D) generally
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1. Two primary external users of accounting information are investors and creditors. TRUE 2. The economic resources that are owned by a business are called stockholders’ equity. FALSE 3. Net income for the period is determined by subtracting total expenses and dividends from revenues. FALSE 4. The heading for the income statement might include the line “As of December 31‚ 20xx.” TRUE 5. Net income is another term for revenue. FALSE 6. The primary purpose of the statement of cash
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1. If you have a disagreement with your supervisor at work. First‚ I will start a calm‚ non-aggressive conversation with my supervisor. Then‚ I will give her a chance to state her opinions so she will‚ in return‚ listen to my ideas and why I disagree with her. That way‚ we’ll have a mutual understanding of what each of us had in mind thus it will be possible to negotiate a deal. 2. If your class paper or project receives a failing grade from your professor. I would simply talk to
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composite income- A case of un-necessary litigation by revenue in case of Tea Companies . Computation provision: Section 33AB is a provision relating to allowing deduction from business income. It falls under Part “D” of Chapter IV of the Income-tax Act‚ 1961. This part consists of various sections from section 28-44DB. As per section 29 the income referred to in section 28 shall be computed in accordance with the provisions ofsections 30 to 43D. Therefore‚ provisions of section 33AB falls within
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Shipping Goods * Sales orders→ shipping dept * Shipping document * Copy of sales order and shipping doc à acct dept * Bill of lading→ independent trucking company ships goods * Copy of bill of ladingà acct dept Billing Customers and Recording Sales * Prep invoice by authorized price list * Edit checks: make sure entered correctly * Updates: sales and a/r accts Processing and Recording Cash Receipts * Person opening mail send remittance advices àacct dept * Record
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