All States Except ________ Adhere to the Admission Exception to the Statute

question 32

Multiple Choice

All states except ________ adhere to the admission exception to the statute of frauds.

• A)Hawaii and Alaska
• B)Louisiana and New York
• C)Louisiana and California
• D)Kentucky and Florida
• E)North Carolina and Montana

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Definitions:

Completed Contract

A method in accounting where all revenue and expenses of a contract are recognized only when the contract is completed.

Percentage Of Completion

An accounting method that recognizes revenues and expenses of long-term projects as a percentage of the work completed during the period.

Inventory

Goods or materials that a business holds for the ultimate goal of resale, including raw materials, work-in-progress, and finished goods.

Cost

The value of the financial resources expended to acquire or produce a product or service.