When Using a Perpetual Inventory System

question 79

Multiple Choice

When using a perpetual inventory system,

• A) no Purchases account is used.
• B) a Cost of Goods Sold account is used.
• C) two entries are required to record a sale.
• D) All of these answer choices are correct.

Understand the legal implications of advertisements as invitations to offer versus formal offers.

Discuss the applicability of promissory estoppel in contractual agreements where formal contracts are not in place.

Identify the impact of specific events (destruction of subject matter, counteroffers) on the validity of a contractual offer.

Understand the role of electronic communications in contract law, including the Uniform Electronic Transactions Act.

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Definitions:

Simple Principles

Basic, fundamental rules or concepts that guide actions, decisions, or procedures.

Confound

A variable other than the one intended to be manipulated by the experimenter that may be responsible for the effect on the dependent variable, making alternative explanations possible.

Clowns

Entertainers who perform comical acts, using makeup and exaggerated expressions to amuse an audience; traditionally associated with circuses, parties, and theatrical performances.

Operational Definition

A specific, concrete method of measuring or manipulating a conceptual variable.