A Contract of Record Arises When the Accountant of One

question 19

True/False

A contract of record arises when the accountant of one of the parties has made an entry of the contract in the business record of that party.

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Definitions:

Lowest Level Of Quality

Refers to the minimum standard of quality that a product, service, or process must meet to be considered acceptable.

AOQ

Average Outgoing Quality, which is a measure in statistics and quality management used to average the number of defective units in a batch of goods.

Acceptance Sampling

A statistical quality control method that determines whether to accept or reject a batch of products based on sampling a few units from the batch.

Lower Specification Limit

The minimum acceptable limit for a characteristic or parameter of a product, below which the product is considered defective or unacceptable for use.