A Revocation of an Offer Cannot Be Valid Unless

question 6

Multiple Choice

A revocation of an offer cannot be valid unless:

• A)it is communicated to the offeree.
• B)it is sent through the post.
• C)it is made orally with two witnesses present.
• D)it is made in writing.

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Definitions:

Ideal Standards

Benchmarks for performance or production that assume perfect efficiency and effectiveness, often used for planning purposes.

Favorable Variances

Differences between expected and actual financial performance that result in better-than-expected profitability or cost savings.

Standard Costs

Represents the expected cost of producing or purchasing items, used for budgeting and cost control purposes.

General Ledger

A ledger that contains all asset, liability, and owner’s equity accounts.