Under the Mailbox Rule,a Valid Contract Has Been Formed If

question 40

True/False

Under the Mailbox Rule,a valid contract has been formed if a rejection is dispatched,but before it is received,the acceptance is communicated to the offeror.

---

Definitions:

Balance Sheet

is a financial statement that provides a snapshot of a company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity.

Unadjusted Trial Balance

A trial balance prepared at the end of an accounting period before adjusting entries are made.

Account Title

The name given to an account that reflects the type of transaction it represents, used in accounting to classify and record financial transactions.

Retained Earnings Statement

A financial statement that summarizes the amounts retained or reinvested in the company from net income (or profit) after dividends are paid.