Which of the Following Situations Would Be Unlikely to Result

question 133

Multiple Choice

Which of the following situations would be unlikely to result in the recognition of an asset impairment?

• A) A city warehouse is damaged by fire.
• B) Recently purchased city-owned voting booths are rendered obsolete by a federal law requiring a new technology.
• C) Ridership on city buses declines.
• D) Construction on a municipal sports complex stops when the city's major league baseball team moves to another city.

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Definitions:

Mailbox Rule

A legal principle in contract law that states an offer is considered accepted at the moment the acceptance is mailed, rather than when the acceptance is received by the offeror.

Receipt Stipulation

An agreement or acknowledgment documenting the receipt of something, often used in legal contexts to prove the acceptance of documents or payments.

Mailbox Rule

A legal principle stating that an offer is considered accepted at the time the acceptance is sent through the mail, not when it is received by the offeror.

UCC

This Code, known as the Uniform Commercial Code, encompasses a broad range of regulations pertinent to all commercial transactions across the United States.