Which of the following statements BEST describes the difference between a bilateral and unilateral contract?
A. the number of promised in a contract.
B. The number of parties involved.
C. The dollar amount of the transaction.
Answer: B. The number of parties involved.
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The Merchandise Inventory account balance is $50,000. An physical count of inventory reveals that actual inventory balance is $47,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system.)
A) a $47,000 credit to Merchandise Inventory B) a $50,000 debit to Cost of Goods Sold C) a $3,000 credit to Cost of Goods Sold D) a $3,000 credit to Merchandise Inventory
When comparing banks and mutual funds,
A. mutual funds have more liquidity risk than banks because all shareholders share the loss of value on a pro rata basis. B. mutual funds have less liquidity risk than banks because all shareholders share the loss of value on a pro rata basis. C. mutual funds have more liquidity risk than banks because all shareholders have the ability to withdraw their money on a first-come first basis. D. mutual funds have less liquidity risk than banks because all shareholders have the ability to withdraw their money on a first-come first basis. E. mutual funds have the same liquidity risk as banks because both shareholders and depositors share the fall in the loss of value on a pro rata basis.