Girard Accepts a Job with Deep Vault Bank in Reliance

question 5

Multiple Choice

Girard accepts a job with Deep Vault Bank in reliance on assurances that Deep Vault will not soon be sold.In fact,negotiations to sell the bank are under way at the time that Girard is hired.Girard is most likely a victim of

• A)fraud.
• B)mistake.
• C)nothing.
• D)puffery.

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Definitions:

Dollar-Value LIFO

An inventory valuation method under Last-In, First-Out principle, adjusting for changes in price level or inflation, allowing for a more accurate financial analysis over time.

Inventory Items

Goods or products that a company holds for the ultimate purpose of sale, part of the current assets on a company's balance sheet.

Periodic LIFO

An inventory valuation method that determines the cost of goods sold and ending inventory using the Last In, First Out principle, applied at the end of the accounting period.

FIFO

An inventory valuation method that assumes the first items placed in inventory are the first sold, standing for "First In, First Out."