John's son was not his agent but contracted to purchase a computer in John's name. When John learned of this, John sternly rebuked his son but continued to use the computer for several weeks. After losing interest in the computer, John offered to return it, saying that the purchase was unauthorized. John:
A) is not liable on the purchase
B) expressly ratified the purchase.
C) is liable because all children have the apparent authority to contract for their parents.
D) ratified the purchase by John's conduct.
D
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How would customer's NSF checks be dealt with in a bank reconciliation?
a. added to company's book balance b. deducted from company's book balance c. added to bank statement balance d. deducted from bank statement balance
You have just received notice that Agnes Fisher, a customer of yours with an Accounts Receivable balance of $200, has gone bankrupt and will not be making any future payments. Assuming you use the allowance method, the journal entry you make is to
A) debit Uncollectible Accounts Expense and credit Accounts Receivable. B) debit Allowance for Uncollectible Accounts and credit Uncollectible Accounts Expense. C) debit Uncollectible Accounts Expense and credit Allowance for Uncollectible Accounts. D) debit Allowance for Uncollectible Accounts and credit Accounts Receivable.
Messages denying credit are different from other types of bad-news messages in that they
a. are subject to more legal issues. b. do not need to maintain the goodwill of the recipient. c. do not have to include reasons for refusal. d. use the deductive pattern of organization.
Under the Fair Credit Reporting Act, a consumer has the right to have inaccurate information removed from his consumer credit report
a. True b. False Indicate whether the statement is true or false