Which of the following documents represents title to goods in an export transaction?
A) bill of lading
B) invoice
C) packing list
D) certificate of origin
E) insurance certificates
A
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When two parties are involved in a mutual mistake (misunderstanding) as to the meaning of a term of the contract, which of the following is usually applied by the court to settle the matter?
A) The court will find that there is no contract because there is no meeting of the minds. B) Non est factum C) Caveat emptor D) The reasonable person test E) The equitable remedy of rectification
Which one of the following is not a proper justification for adjusting entries?
A) Adjusting entries are necessary to ensure that the expense recognition principle is followed. B) Adjusting entries are necessary to ensure that the revenue recognition principle is followed. C) Adjusting entries are necessary to enable financial statements to be in conformity with generally accepted accounting principles. D) All of these are proper justifications for adjusting entries. E) Adjusting entries are necessary to bring the general ledger accounts in line with the budget.