George Made an Offer to Jacob to Sell His House

question 25

Multiple Choice

George made an offer to Jacob to sell his house for $1 million. The offer was received by Jacob on May 1, 2014, and he stipulated that he had 13 days to accept it. But Jacob could not arrange the money, and on May 16, 2014 he made a counteroffer to buy the house for $850,000. Which of the following is true of the original offer made by George to Jacob?

• A) It is terminated by the counteroffer.
• B) It is still valid as the house has not been sold.
• C) It is invalid due to lapse of the stated time.
• D) It is invalid due to incompetency of the offeree.

Understand the principles of matching revenues with expenses, especially in the context of warranty costs and fringe benefits.

Know the components of payroll taxes and the recording of payroll expenses.

Classify liabilities correctly on the balance sheet.

Understand the accounting treatment for defined benefit plans.

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Definitions:

Genital Warts

A sexually transmitted infection characterized by small bumps on the genital areas, caused by certain types of human papillomavirus (HPV).

High-Grade

Refers to cells or tissues that display a high level of abnormality under microscopic examination, often indicating a more aggressive type of cancer.

Cervical Intraepithelial Neoplasia

A precancerous condition in which abnormal cells are found on the surface of the cervix, which can potentially develop into cervical cancer.

Underserved Populations

Groups of people who have less access to healthcare and other essential services compared to the broader population.