What does statute of frauds mean on the CPA exam?
Statute of frauds. The rule that certain contracts are unenforceable unless evidenced in writing and signed, including sales of land, sales of goods of 500 dollars or more, and agreements that cannot be performed within a year.
Defined against UCC Sec. 2-201.
Which CPA exam sections use statute of frauds?
Statute of frauds appears in the REG section of the CPA exam.
Related terms
- statute of limitations: The window in which the Service may assess more tax, normally three years from filing, extended to six for a substantial omission of income and unlimited for a false return or none at all.
- total asset turnover: Sales divided by average total assets.
- accelerated filer: A public company with public float of at least 75 million dollars that has been reporting for at least a year.
- gross profit: Sales less the cost of goods sold, before any operating expense.
- transaction price: The consideration an entity expects to be entitled to for transferring goods or services, excluding amounts collected for third parties such as sales tax.