In a Dispute Over a Sales Contract Involving Skis,Dave Argues

question 36

Multiple Choice

In a dispute over a sales contract involving skis,Dave argues that as to this deal,Elle is a merchant.A court may determine whether Elle is a merchant by assessing whether she

• A)enjoys skiing.
• B)has sold any skis within the last year.
• C)holds herself out by occupation as having knowledge or skill unique to the skis in the transaction.
• D)subscribes to Skis,a biweekly trade magazine.

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Definitions:

Internal Control

Procedures and processes implemented by a company to safeguard its assets, ensure accurate financial reporting, and promote operational efficiency.

Financial Statements

Reports that summarize the financial condition and operations of a business, including balance sheet, income statement, and cash flow statement.

FIFO

First-In, First-Out, an accounting method for managing inventory and financial matters where the oldest inventory items are sold or used first.

Inventory Costing

A method used to assign costs to inventory items and determine the cost of goods sold during a period.