Like Acceptance,revocation of an Offer by Mail Is Valid and Binding

question 57

True/False

Like acceptance,revocation of an offer by mail is valid and binding once the letter of revocation is placed in the mailbox.

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Definitions:

ASPE

Accounting Standards for Private Enterprises, a set of accounting practices and standards for private companies in Canada.

Consolidated Statement

Financial reports consolidating the assets, liabilities, and income of a parent organization along with its subsidiary companies, showing them as a single entity.

Goodwill Impairment

A write-down of the value of goodwill on a company's balance sheet when the fair value of the acquired company falls below the value recorded at the time of acquisition.

Gross Profit

Income remaining after the cost of goods sold has been deducted from total sales revenue, before deducting any operating expenses.