Internal Financial Statement Users Include

question 74

Multiple Choice

Internal financial statement users include:

• A)investors interested in the company.
• B)creditors of the company.
• C)management of the company.
• D)stock exchanges.

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Definitions:

UCC Statute of Frauds

A section of the Uniform Commercial Code that requires certain types of contracts, such as those for the sale of goods over a certain value, to be in writing to be enforceable.

Specially Manufactured Goods

Items that are produced to a buyer's personal specifications, which are not suitable for sale to others in the ordinary course of the seller's business.

Promissory Estoppel

A legal doctrine that prevents a party from withdrawing a promise made to another party if the latter has relied upon that promise to their detriment.

Oral Contracts

Agreements between parties that are spoken rather than written but are still legally binding.