A(n)_____ Is a Contract by Which a New Party Agrees

question 8

Multiple Choice

A(n) _____ is a contract by which a new party agrees to perform a duty that one of the original parties to a contract was already legally obligated to perform.

• A)exculpatory clause
• B)subcontract
• C)specialty contract
• D)waiver

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Definitions:

Equivalent Units

A concept in cost accounting used to assign costs to partially completed goods, measured in terms of complete units of output.

First-In, First-Out

An inventory valuation method where the costs of the earliest goods purchased are the first to be recognized in determining cost of goods sold.

Equivalent Units

A concept used in cost accounting to convert partially completed goods into a number of fully completed units for inventory and cost calculations.

Yield Measures

Refer to the various ways to calculate the return on an investment, often considering interest or dividends received.