A Telephone Conversation Can Result in A(n)

question 3

Multiple Choice

A telephone conversation can result in a(n) :

• A) informal contract.
• B) statutory contract.
• C) contingent contract.
• D) enforceable oral contract.

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Definitions:

Accounting Principle

Fundamental guidelines or rules that govern how financial transactions and events are recorded and reported in financial statements.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.

Beginning Inventory

The value of all goods available for sale at the start of an accounting period.

Net Income

The net income of a business following the subtraction of all costs, taxes, and operational expenses from its revenue.