Refer to IT's About Business 6

question 37

Multiple Choice

Refer to IT's About Business 6.4: Massive Open Online Courses. Which of the following statements are true about MOOCs

• A) Anyone can start a MOOC
• B) Anyone can enroll in MOOCs for credit
• C) Students have to be enrolled in the university to get credit for MOOCs
• D) Students have to be physically present on campus to enroll in MOOCs
• E) All of the above are true

Understand the concept of inventory shrinkage and its implications on inventory management.

Grasp the principles of selling and administrative expenses and their placement in the income statement.

Understand how to calculate the cost of inventory reported on the balance sheet under different conditions.

Learn how to journalize transactions for both periodic and perpetual inventory systems.

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Definitions:

Usage of Trade

Established practices or methods commonly accepted and widely adopted in a particular industry or commerce.

Parol Evidence Rule

A legal principle that prevents parties from using oral or extrinsic evidence to contradict a written agreement.

Statute of Frauds

A legal requirement for certain types of contracts, such as those involving real estate, to be in written form to be valid.

Sales Contracts

Sales contracts are formal agreements between a buyer and seller detailing the terms of a transaction of goods or services.