Contracts That Have Been Fully Performed by One Side but Not

question 61

Multiple Choice

Contracts that have been fully performed by one side but not by the other are classified as ________ contracts.

• A) void
• B) voidable
• C) executory
• D) executed

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Definitions:

Mixing Department

A specialized production department where raw materials are combined or mixed to create a product or substance.

FIFO Method

First-In, First-Out method; an inventory valuation method where goods first purchased or produced are the first to be sold, used in accounting to calculate the cost of goods sold and ending inventory.

Ending Work

Also known as ending work in process, it refers to the value of goods still in production at the end of an accounting period.

Process Inventory

Inventories that are in various stages of production within the manufacturing process, also known as work in process inventory.