When Myrtle Comes Home from Work One Evening,she Finds That

question 35

Multiple Choice

When Myrtle comes home from work one evening,she finds that her yard has been mowed and trimmed.Later,a man comes to collect for the yard work done.Myrtle refuses to pay for the work since she has never seen the man before and did not hire him to do her yard work.Which of the following answers is most accurate?

• A)This is an implied,unilateral contract and she must pay the price requested by the man.
• B)This is an express,voidable contract that either party may avoid.
• C)The court would order Myrtle to pay the reasonable value of the yard work because of the benefit conferred on her.
• D)Myrtle would not have to pay for the yard work.

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Definitions:

Post-closing Trial Balance

A financial statement prepared after closing entries are made, listing all the account balances to check the equality of debits and credits.

Accounting Cycle

The accounting process that begins with analyzing and journalizing transactions and ends with the post-closing trial balance.

Financial Statements

Formal records that convey the business activities and financial performance of a company, including balance sheet, income statement, and cash flow statement.

Closing Entries

These are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.