1. Eric owes George money. Eric contracts with Mark to paint Mark’s house. In the contract, Mark agrees that in return for Eric painting his house, Mark will pay George the money Eric owes George. George is a/anA. donee beneficiary.B. incidental beneficiary.C. delegatee.D. creditor beneficiary.
2. Mark tells Cindy, If you clean out my garage, I’ll pay you $25. Mark has offered to form what kind of contract?A. Bilateral contractB. Unilateral contractC. Quasi-contractD. Implied-in-fact contract
3. Sam and Erica like to attend wild parties. Both have worked up quite a tolerance, because of their frequent drinking. One night, after both Sam and Erica had each enjoyed a couple of beers, they decided to enter a contract in which Sam agreed to purchase Erica’s 1965 Mustang for $2,500.The next day, Erica has second thoughts. The most likely result will beA. Erica will avoid the contract due to intoxication.B. Sam will avoid the contract due to intoxication.C. Erica won’t avoid the contract because she wasn’t intoxicated.D. Erica should be able to avoid the contract because it’s unconscionable.
4. Grandpa Graham declares at his eightieth birthday party that because she’s his favorite grandchild, he’ll leave $100,000 to his beloved granddaughter Elsie upon his death. Sadly, Grandpa Graham dies just three days later. No provision of his will left Elsie the $100,000. Elsie files a breach of contract claim against Grandpa Graham’s estate. The most likely result will be that Elsie will lose because no contract existed due toA. lack of agreement and consideration.B. lack of contractual capacity.C. lack of form.D. illegality.
1. Carrie decides to offer Susan the opportunity to purchase her motorcycle for just $500. Carrie told Carter, a mutual friend of hers and Susan’s, that she intended to make the offer. Later, Carrie changes her mind. Susan approaches Carrie and says she accepts the offer. What will the likely result be?A. No contract was formed because Carrie didn’t possess a serious, objective intention.B. No contract was formed because Carrie never communicated the offer to Susan.C. No contract was formed because the terms of the offer weren’t certain or definite enough to form a contract.D. A contract was formed because Susan accepted Carrie’s offer.
2. Will contracts with Grace to sell her 100 lamps for $1,000. Will breaches his contractual duty to deliver the lamps, and Grace buys 100 lamps for $2,000 from another dealer. Grace sues Will for breach of contract. She will most likely receive what type of damages?A. Compensatory damages in the amount of $1,000B. Compensatory damages in the amount of $2,000C. Consequential damages of $3,000D. Nominal damages of $100
3. Uncle Eb tells his wayward nephew Jonah that if he refrains from drinking and smoking until he reaches the age of 18, he’ll pay him $500,000. Jonah refrains from drinking and smoking until after his eighteenth birthday. What would a judge most likely say?A. No contract is formed because there’s no bargained-for exchange.B. No contract is formed because there’s no legal value offered.C. No contract is formed due to inadequacy of consideration.D. A contract exists between Uncle Eb and Jonah.
4. Joey mailed Clark an offer in which he offered to sell Clark all of his baseball cards for $300. No other stipulations appeared in the offer. The next day, Clark mailed Joey his acceptance of the offer, along with a check for $300. That same day, Joey mailed Clark a letter revoking his offer. The most likely result will be thatA. no contract was formed because Joey revoked the offer.B. a contract was formed because of the mailbox rule.C. no contract was formed because Clark used an improper means of acceptance.D. a contract was formed because once Joey mailed the offer, he couldn’t revoke it.
1. Merchandise inventory:A) is a long-term asset.B)is a current asset.C) includes supplies.D) is classified with investments on the balance sheet.E) Must be sold within one month.
2. The credit terms 2/10, n/30 are interpreted as:A) 2% cash discount if the amount is paid within 10 days, with the balance due in 30 days.B) 10% cash discount if the amount is paid within 2 days, with the balance due in 30 days.C) 30% discount if paid within 2 days.D) 30% discount if paid within 10 days.E) 2% discount if paid within 30 days.
3. On October 1, Robinson Company sold merchandise in the amount of $5,800 to Rosser, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robinson uses the perpetual inventory system. The journal entry or entries that Robinson will make on October 1 is:A)Sales…………………………5,800 Sales receivable …………. 5,800B)Sales…………………………5,800 Accounts Receivable……….. 5,800Cost of goods sold……………..4,000 Merchandise inventory……… 4,000C)Accounts Receivable…………….5,800 Sales……………………. 5,800D)Accounts Receivable…………….5,800 Sales……………………. 5,800Cost of Good Sold………………4,000 Merchandise Inventory……… 4,000E)Accounts Receivable…………….4,000 Sales……………………. 4,000
4. On October 1, Whaley Company sold merchandise in the amount of $5,800 to Lee Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Whaley uses the perpetual inventory system. Lee pays the invoice on October 8, and takes the appropriate discount. The journal entry that Whaley makes on October 8 is:A)Cash………………………….5,800 Accounts Receivable………… 5,800B)Cash………………………….4,000 Accounts Receivable………… 4,000C)Cash………………………….3,920Sales Discount………………… 80 Accounts Receivable………… 4,000D)Cash………………………….5,684 Accounts Receivable………… 5,684E)Cash………………………….5,684Sales Discount………………… 116 Accounts Receivable………… 5,800
1. Acceptable inventory costing methods include:A)LIFO method.B)FIFO method.C)Lower of cost or market method.D)A & B.E)A, B, & C.
2. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?A)$304B)$296C)$288D)$280E)$276
3.A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold?A)$120.B)$124.C)$128.D)$130.E)$140
4.Generally accepted accounting principles require that the inventory of a company be reported at:A)Market value.B)Historical Cost.C)Lower of cost or market.D)Replacement cost.E)Retail value.
1.The special journals of many accounting systems include the:A)Sales journal.B)Purchases journal.C)Cash receipts journal.D)Cash disbursements journal.E)All of the above.
2.The four necessary elements of accounting information systems are:A)Control, accountability, relevance, and flexibility.B)Historical cost, relevance, compatibility, and cost-benefit.C)Control, relevance, compatibility, and safety.D)Control, relevance, compatibility, and cost-benefit.E)Control, compatibility, flexibility, and cost-benefit.
3.The flexibility principle of accounting information systems require that the:A)Benefits from an activity outweigh the costs of the activity.B)System report useful, understandable, timely, and pertinent information for effective decision making.C)System aid managers in controlling and monitoring business activities.D)System adapt to changes in the company, business environment, and needs of decision makers at low cost.E)System conform with a company’s activities, personnel, and structure.
4.Hardware includes:A)Bar-code readers.B)Printers.C)Software.D)Ledgers.E)All of the above.
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