They must be set independently by each seller, without collusion or conspiracy with other sellers, to avoid violation of the antitrust laws.
What is Terms of Sale?
100
System of accounting that recognizes revenues in the period in which they are earned and expenses recognized in the period incurred.
What is accrual basis accounting?
100
The financial statements present fairly the financial position, the results of operations, and the changes in cash flows for the company.
What is an unqualified auditor’s report?
100
The rule stating that oral or written evidence outside the writing of a contract is normally not admissible.
What is the Parole Evidence Rule?
100
A collection remedy which allows a creditor to attach a debtor's money such as a bank account or wages held by a third party.
What is garnishment?
200
This C of Credit is moral qualities and actions of a credit applicant which oblige the applicant to pay as debts become due.
What is Character?
200
The financial position as of a particular date.
What is a balance sheet?
200
Assets = Liabilities + Stockholders’ Equity.
What is the balance sheet equasion?
200
The tort in which one individual uses the name or likeness of another without the others permission and for the benefit.
What is appropriation?
200
A right in personal property of fixtures which secures payment or performance of an obligation.
What is a security interest?
300
This statement is a list of the qualifications that an individual should have to fill a particular job.
What is Job Specification?
300
A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.
What is the matching principle?
300
One is basically a purchase while the other is a rental agreement.
What is the difference between an operating lease and a capital (or financial) lease?
300
The first ten ammendments to the Constitution.
What is Bill of Rights?
300
Partners who have a right to participate in management but who generally do not exercise the right.
What is a dormant partner?
400
On the balance sheet, it represents all or a portion of the money that was received when the company issued its shares.
What is common stock?
400
The buyer pays for the freight and insurance costs from the shipping point to the final destination. Even if pre-paid by seller, costs are invoiced to buyer.
What is FOB destination?
400
Cash held by the company since its inception.
What does the retained earnings account measure?
400
A Contract where Title passes when the goods are delivered at its final location.
What is Destination Contract?
400
An instrument is transferred in such a way that the transferee becomes a holder in due course and obtains greater rights than the transferor.
What is negotiation?
500
The Supreme Court adopted these rules of procedures for bankruptcy cases.
What is Federal Rules of Bankruptcy Procedure?
500
Created and enacted to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes. Only relates to publicly-traded companies.
What is the Sarbanes Oxley Act?
500
Statements that express each account on the balance sheet as a percentage of total assets and each account on the income statement as a percentage of net sales.
What is a common size balance sheet?
500
The act by which a minor indicates an intent to be bound by a contract on or after reaching majority.