Abbot Corporation Has an Average Collection Period of 49 Days

question 50

Multiple Choice

Abbot Corporation has an average collection period of 49 days, an inventory conversion period of 83 days, and a payables deferrable period of 36 days. What is Abbott's operating cycle?

• A) 96 days
• B) 70 days
• C) 85 days
• D) 132 days

Describe the basic requirements for a valid contract including the necessity of absence of invalidating conduct.

Comprehend when unilateral contracts are formed and how performance can signify acceptance.

Understand the application of the Uniform Commercial Code (UCC) to contracts for the sale of goods.

Know the scope and applicability of the United Nations Convention on Contracts for the International Sales of Goods (CISG).

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Definitions:

Potential Court Witness

An individual who may possess relevant information or evidence and could be called to testify in a court case.

Unbiased

Showing no prejudice or favoritism; neutral.

Hostile Witness

A witness whose testimony is adverse to the party who called them to testify, often requiring cross-examination techniques.

Subpoena

A legal document ordering someone to attend court as a witness or to present documents relevant to a case.