If an Offer Is Made by Mail and an Acceptance

question 167

Multiple Choice

If an offer is made by mail and an acceptance by mail is requested, when does a letter revoking the previous offer actually take effect?

• A)At the time it is posted
• B)At any time before a letter of acceptance is received by the offeror
• C)At the time it is received, if before acceptance
• D)Never.A revocation must be done in person.
• E)At any time before actual performance of the contract has begun

Comprehend the establishment, replenishment, and adjustment of petty cash funds.

Grasp the concept and importance of a voucher system in accounting.

Recognize the purpose and handling of petty cash accounts.

Appreciate the role of internal controls in ensuring the success and security of a business.

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Definitions:

Trichromatic Theory

The theory of color vision suggesting that three types of cones in the retina each make a maximal chemical response to one of three colors—blue, green, or red.

Color Sensitive Cones

Photoreceptor cells in the retina of the eye that are responsible for color vision under bright light conditions.

Retina

The light-sensitive layer of tissue at the back of the inner eye, which converts light images into electrical signals sent to the brain.

Saturation

The purity of a color, or the degree to which the light waves producing it are of the same wavelength.