Anticipatory Breach

question 111

Multiple Choice

Anticipatory breach:

• A) does not apply in case of service contracts
• B) discharges the duties of the non-breaching party under the contract
• C) prohibits the contract from being reinstated
• D) does not occur so long as the event is more than one year in the future
• E) all of the other choices

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Definitions:

Weighted-Average Process Costing System

An accounting method used to compute the cost per unit in a process environment by averaging the costs over all units produced in a period.

Equivalent Units for Materials

A metric that converts partially completed goods into the number of complete units with regard to materials only.

Equivalent Units

A concept in process costing that converts partially completed units into a number of fully completed units, facilitating cost calculation.

Conversion Costs

Expenses incurred in the process of converting raw materials into finished products, typically including labor and overhead.