Inherent risk associated with inventory

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Reference no: EM132147653

1. Which of the following is not an inherent risk associated with inventory?

Inventory accounts typically have a high volume of activity.

Inventory is easily transportable

Inventory may become obsolete.

Inventory costing methods frequently change from one year to the next.

2. True or False.

Gatekeeping contracts with 3PLs to minimize the cost of shipping returned goods

3. General Construction, Inc., substantially performs its contract with Harry. If General Construction does not complete performance, it must

a. find a subcontractor to complete performance.

b. forfeit to Harry the entire price of the contract.

c. pay Harry the difference between substantial and complete performance.

d. do nothing more.

4. To satisfy the Statute of Frauds, a contract must be written in a particular form.

True or false

5. In a letter, Smith offers to sell Grant his computer but conditions the sale on Grant accepting the offer by October 1. Smith may revoke the offe

a. before Grant mails a letter of acceptance.

b. before receiving a letter from Grant accepting the offer.

c. because it is in writing.

d. none of the above.

Reference no: EM132147653

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