[Dog Training] Nia and Bruno Enter into a Written Contract

question 48

Multiple Choice

[Dog Training] Nia and Bruno enter into a written contract for Bruno to train Nia's dog.Under the contract,Nia is required to pay Bruno $20 for each training session.
-Would their contract be governed by common law or the UCC?

• A)Common law.
• B)Both common law and the UCC.
• C)Common law,because the UCC specifically excludes biological substances.
• D)The UCC.
• E)Neither common law not the UCC.

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Definitions:

Comparative Balance Sheets

Financial statements that display the financial position of a business at different points in time side-by-side, allowing for comparison.

Direct Method

An approach in cost accounting where only the direct costs of a department are allocated to its cost objects, ignoring any interdepartmental allocations.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid out.

Sales Adjusted

The net sales figure after deductions such as returns, allowances, and discounts have been accounted for.