An Advertisement Reading,"Our Last Trailconquerer XL100 Mountain Bike,stock Number T990234,will

question 78

True/False

An advertisement reading,"Our last Trailconquerer XL100 mountain bike,stock number T990234,will be sold to the first buyer with $700," would not be treated as an offer.

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Definitions:

Adjustment

A change made to the book value of an asset or liability to accurately reflect its value.

Subsidiary

A company that is completely or partly owned and partly or wholly controlled by another company.

FIFO Inventory Reporting

An approach to reporting inventory where the oldest stock is recorded as sold first; reiterates the First-In, First-Out method in financial statements.

Consistent Application

The principle that accounting rules and methods should be applied the same way in each accounting period to ensure comparability of financial statements.