In a noncarrier case for the sale of goods, which of the following is most important in
determining when risk of loss passes?
A) Whether the buyer is a merchant
B) Whether any warranties have been disclaimed
C) Whether the seller is a merchant
D) When title passes
C
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Adjusting entries for prepaid items typically include which of the following related types of accounts:
A. Expense and Liability accounts B. Expense and Asset accounts C. Revenue and Liability accounts D. Revenue and Asset accounts
Random samples of size 600 are taken from an infinite population whose population proportion is 0.4. The standard deviation of the sample proportions (i.e., the standard error of the proportion) is
A. 0.0004. B. 0.2400. C. 0.4000. D. 0.0200.
If an instrument is found to be negotiable under the UCC, it may be freely traded without concern for any existing contract responsibilities if the instrument is in the possession of a holder in due course. To be a holder in due course, one must:
a. accept the transfer of the instrument with the same contract responsibilities as the person assigning the instrument b. receive the instrument as a gift in good faith with no liabilities attached c. present himself as having knowledge or skill specialized to the transaction and regularly deal in that kind of transaction d. demonstrate that the instrument falls within the scope of Article 3 of the UCC, that the transaction is not for the sale of a tangible product, and that any defects in the title to the goods involved in the transaction is not known to the party e. none of the other choices
Which legal form allows owners to contribute no capital but still play a part in managing the business and share in its profits?
A. S corporation B. C corporation C. partnership D. sole proprietorship