When Dealing with the Prohibition in the Statute of Frauds

question 96

Multiple Choice

When dealing with the prohibition in the Statute of Frauds regarding oral contracts not to be performed in a year,which of the following is TRUE?

• A)An oral contract that is for an indefinite period,but could be performed within a year,is not prohibited by the Statute.
• B)An oral contract that is to be performed over a period of one year,commencing the day after the formation of the contract,is not prohibited by the Statute.
• C)An oral contract that is to be performed over a period of one year,but commences two days after the conclusion of the contract,is prohibited by the Statute.
• D)An oral contract that provides for a specific period for performance of more than a year,but also confers a power of determination that may be exercised within the year,is prohibited by the Statute.
• E)all of the above

Understand the fundamental differences between process costing and other costing systems.

Identify businesses or scenarios where process costing is more appropriate than job order costing.

Calculate equivalent units of production using the first-in, first-out (FIFO) method.

Distinguish between direct materials, direct labor, and factory overhead costs in a process costing environment.

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Definitions:

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