Which of the Following Statements Is the Best Description of 'Ascertained

question 7

Multiple Choice

Which of the following statements is the best description of 'ascertained' goods?

• A)Goods that are defined by description only,such as 'A bag of apples.'
• B)Goods identified and agreed upon at the time of sale,such as 'This apple.'
• C)Goods to be manufactured or acquired by the seller after the time of sale,such as 'Your next crop of apples.'
• D)Goods which were previously unascertained but have now been identified and agreed upon by the parties,such as 'I accept your selection of apples in this bag.'

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Definitions:

Directors' Declaration

A statement by the company's directors asserting the accuracy of the financial statements.

Auditor's Report

A formal opinion issued by an auditor based on an audit of a company's financial statements, indicating whether the statements are free from material misstatement and accurately represent the company's financial position.

Financial Statements

A comprehensive set of reports including the balance sheet, income statement, cash flow statement, and statement of changes in equity, that together provide an overview of a company's financial position and performance.

Retrospective Restatement

A correction of the recognition, measurement, and disclosure of amounts of elements of financial statements as if a prior period error had never occurred.