A Sales Contract Must Be Evidenced by a Writing If

question 8

Multiple Choice

A sales contract must be evidenced by a writing if the sales price of goods is equal to or more than:

• A) $100.
• B) $1,000.
• C) $500.
• D) $5,000.

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Definitions:

Losses Accrued

Expenses that have been incurred but not yet paid or recorded in the financial statements.

Probable Loss

An expected financial loss from contingent liabilities that can be reasonably estimated.

Estimable Loss

A potential financial loss that can be predicted or estimated in terms of its amount or impact.

Effective Interest Rate

This is the actual return on an investment, taking into account the effect of compounding interest as opposed to the nominal rate.