According to the Uniform Commercial Code (UCC), When Acceptance Is

question 9

Multiple Choice

According to the Uniform Commercial Code (UCC) , when acceptance is made expressly conditional on agreement to new terms proposed by the offeree, _____ contract is created.

• A) no
• B) an implied
• C) a conditional
• D) a unilateral

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Definitions:

Lower-Of-Cost-Or-Market

A rule in accounting that dictates inventory should be recorded at whichever is less between its original purchase cost and its present market value.

LIFO

Last In, First Out, an inventory costing method where the last items added to inventory are the first to be used or sold.

FIFO

"First In, First Out," an inventory valuation method where the cost of the earliest goods purchased or produced are the first to be charged against income when those goods are sold.

Lower-Of-Cost-Or-Market

A conservative approach to valuing and reporting assets, where the value reported is the lower of either the cost to buy or produce the asset, or its market value.