Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is true if no means of communicating an acceptance is specified in an offer?

The offer is automatically void.

Acceptance is only valid if communicated in writing.

Any reasonable method of communication may be used to accept the offer.

Acceptance must be communicated verbally.

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Verified step by step guidance

Step 1: Understand the concept of 'acceptance' in contract law. Acceptance is the agreement to the terms of an offer, and it is a critical element in forming a legally binding contract.

Step 2: Recognize that if no specific method of communication is mentioned in the offer, the law generally allows for any reasonable method of communication to be used for acceptance.

Step 3: Evaluate the options provided in the problem. The first option, 'The offer is automatically void,' is incorrect because the absence of a specified communication method does not void the offer.

Step 4: Analyze the second option, 'Acceptance is only valid if communicated in writing.' This is incorrect because the law does not require written communication unless explicitly stated in the offer.

Step 5: Confirm that the correct answer is 'Any reasonable method of communication may be used to accept the offer,' as this aligns with the general principles of contract law when no specific communication method is specified.