Which of the Following Statements Is False

question 2

Multiple Choice

Which of the following statements is false?

• A) Information agents search for information and store it for the user.
• B) Information agents are used by Google to surf the Web sites in Google's index.
• C) Monitoring-and-surveillance agents are also called predictive agents.
• D) Personal agents take action on behalf of the user.
• E) User agents automatically fill out forms on the Web from stored information.

Recognize the role of Sales Discounts in calculating Gross Profit.

Understand the accrual accounting principle including revenue recognition and expense recording.

Calculate net sales, cost of goods sold, gross profit, and net income.

Identify the normal balance for various accounts related to inventory and revenue.

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Definitions:

Contract Formation

The process by which an agreement between parties becomes legally binding, typically requiring offer, acceptance, consideration, and mutual intent to be bound.

Mirror Image Rule

The mirror image rule is a principle in contract law that requires an acceptance to be on exactly the same terms as the offer in order to result in a binding contract.

Statute of Frauds

A rule of law mandating that some contract varieties must be documented and signed by the involved parties to be legally binding.

Writing Requirement

A legal stipulation that certain contracts or agreements must be in writing to be enforceable.