ActioNOW and Becca Enter into an Oral Contract in Which

question 22

Multiple Choice

ActioNOW and Becca enter into an oral contract in which Becca agrees to work on a project for ActioNOW for eighteen months. This contract is enforceable by

• A)ActioNOW.
• B)Becca.
• C)any third party, such as ActioNOW's clients.
• D)none of the choices.

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Definitions:

Purchases Journal

A purchases journal is a special journal used in accounting to record all purchases of merchandise, supplies, or other assets on credit.

Horizontal Analysis

Financial analysis that compares an item in a current statement with the same item in prior statements.

Vertical Analysis

An analysis that compares each item in a current statement with a total amount within the same statement.

Percentage Analysis

A financial analysis technique that expresses each item in a financial statement as a percentage of a base amount.