Under the Convention on Contracts for the International Sale of Goods

question 1

Multiple Choice

Under the Convention on Contracts for the International Sale of Goods (CISG) ,an offer becomes effective when

• A) the offeror sends it.
• B) it reaches the offeree.
• C) the offeree reads it.
• D) the offeree replies.

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Definitions:

IASB

The International Accounting Standards Board, responsible for developing and enforcing the International Financial Reporting Standards (IFRS).

Fair Value Measurement

An accounting approach that provides an estimate of the price at which an asset could be exchanged or a liability settled, based on current market conditions.

Financial Instruments

Contracts that give rise to both a financial asset of one entity and a financial liability or equity instrument of another entity, such as stocks, bonds, or derivatives.

FASB

The Financial Accounting Standards Board, which is responsible for establishing and improving financial accounting and reporting standards in the United States.