Ford's ERP System Follows the American Accounting Standards in Its

question 27

Multiple Choice

Ford's ERP system follows the American accounting standards in its U.S.subsidiaries,and follows the Mexican accounting standards in its Mexico subsidiaries.This ERP system is _____.

• A) multi-language
• B) multi-national
• C) multi-currency
• D) multi-enterprise
• E) multi-culture

Understand the conditions under which a person may be considered to have legal incapacity to enter into contracts and the consequences thereof.

Grasp the legal distinctions and consequences of entering into contracts that contain illegal subject matter or perform illegal actions.

Recognize the role of arbitrators and courts in determining the enforceability of contracts challenged on the basis of legality.

Understand the legal mechanisms available for emancipation and its effects on a minor's capacity to contract.

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Definitions:

Beginning Inventory

The value of goods available for sale or use at the start of an accounting period, carried over from the preceding period.

Cost Of Goods Sold

The total cost directly involved in producing goods or services, including materials and labor.

Net Income

The amount of money left after all expenses, taxes, and costs have been subtracted from a company's total revenue.

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.