The Reason for Eliminating the Price Change in Inventory Is

question 148

Multiple Choice

The reason for eliminating the price change in inventory is:

• A) to measure the dollar increase in inventory.
• B) to inflate profits of a company.
• C) to increase the cost of inventory.
• D) to measure the real increase in inventory.

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Definitions:

Mutual Mistake

A situation in contract law where all parties involved have a mistaken belief about a vital fact upon which the contract is based.

Peerless Ship

Referencing a specific case in contract law regarding the sale of goods when there is a misunderstanding about which specific goods are being sold.

Unilateral Mistake

An error made by one party in the understanding or interpretation of facts or law related to a contract, which may not necessarily void the contract.

Material Fact

Any fact that is significant or essential to the subject matter of a contract or legal proceeding, which if known, might have altered the decision of a party.