In some cases, foreign states are not immune from the jurisdiction of U.S. courts. These circumstances are governed by the
a. Uniform Commercial Code.
b. Foreign Sovereign Immunities Act.
c. European Union.
d. North American Free Trade Agreement.
b
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Which one of the following statements is false concerning the retail inventory method?
A) In arriving at a cost-to-retail ratio, sales discounts are deducted from goods available for sale to determine ending inventory at retail. B) Employee discounts are subtracted from goods available for sale to compute ending inventory at retail. C) Abnormal inventory spoilage would be subtracted at both cost and retail in the determination of goods available for sale. D) Purchase returns and allowances must be subtracted from both the cost and retail value of the purchases.
Marlow Company purchased a point of sale system on January 1 for $3,400. This system has a useful life of 10 years and a salvage value of $400. What would be the depreciation expense for the first year of its useful life using the double-declining-balance method?
A. $2,320. B. $300. C. $2,720. D. $600. E. $680.
Which of the following statements could most likely create an express warranty?
a. "This is the best car available in town." b. "This motorcycle will double in value in the next ten years." c. "These tires have 10,000 miles on them." d. "This antique is quite a bargain."
Which of the following is NOT included within the Code definition of merchantability?
a. Reasonably fit for the ordinary purposes for which the goods are used. b. Pass without objection in the trade under the contract description. c. In the case of fungible goods that they be of a quality that exceeds the description and be above average. d. Be of fair, average quality.