MIAQE MARCH 2016
What is meant by Judicial Precedent?
Describe the basic elements of a valid contract.
State the main difference between a void contract and a voidable contract?
Money Creation, Banks and the Federal Reserve
What are the three functions of money? Give an example for each.
Medium of exchange; buying goods at the mall
Unit of account; comparing prices at the mall
Store of value; saving, not g
Total Pricing Concept
1) The total cost of the item to be sold must be covered. This includes the direct
expenses and the operating and overhead expenses incurred in operating the
2) Pricing must contribute to the long term st
Ex. bank reconciliation
The bank statement for Bales Company indicates a balance of $1,730 on June 30. The cash
balance per books had a balance of $799 on this date. The following information pertains to the
bank transactions for the company.
Ex. Lecture: bank reconciliation
Bell Food Store developed the following information in recording its bank statement for the
month of March.
Balance per books March 31
Balance per bank statement March 31
(1) Checks written in March but sti