Which of the Following Is a Statement of Facts to Which

question 101

Multiple Choice

Which of the following is a statement of facts to which the Sale of Goods Act would apply?

• A)"I asked for a trim! You've cut off 2 inches!!!"
• B)"Excuse me; there is a mouse in this beer bottle."
• C)"Today is the closing date and I am willing to tender the full price in cash,namely $50 000,for the house and you are now telling me that you have no intention of closing."
• D)"I brought in five shirts to be laundered and you are returning only four to me!"
• E)"I agreed to give you a dozen old campaign buttons for that original signature of the prime minister,but received the signature of the governor general."

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Definitions:

Completed Transaction Method

An accounting method that recognizes revenue and expenses only when a transaction has been completed.

Net Income

Final earnings of a business once all deductions including taxes and expenses are made from the initial revenue.

Premium Wheat

Wheat that surpasses standard quality criteria and may therefore command a higher price on the market.

Accounting Errors

Mistakes or omissions made in the accounting process, which may require adjustments to previously published financial statements.