If P(t > t.01,v) = 2.50, then the number of degrees of freedom v is:
a. 20
b. 21
c. 22
d. 23
D
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What is the statute of limitations period for a lawsuit for breach of a sales contract? Does the Uniform Commercial Code (UCC) allow buyers and sellers to shorten or lengthen the statute of limitations period?
What will be an ideal response?
All of the following are criteria that financial reporting requires before recognizing an obligation as a liability except:
a. The transaction or event that gave rise to the obligation has already occurred. b. The firm has a present obligation and little or no discretion to avoid the transfer. c. The firm must know the precise amount of the obligation before recording it. d. The obligation involves a probable future sacrifice of economic benefits–a future transfer of cash, goods, or services; the forgoing of a future cash receipt; or the transfer of equity shares–at a specified or determinable date. The firm can measure with reasonable precision the cash-equivalent value of the resources needed to satisfy the obligation.
Consumers usually perceive higher-priced products as ________
A) out of reach for all but the wealthy B) having high quality C) having low profit margins D) having cost-based prices E) being in the introductory stage of the product life cycle
The allowance method overcomes shortcomings of the direct write-off method because it
a. recognizes the loss from uncollectible accounts in the period in which the sale occurs and the firm recognizes revenue. b. reduces the opportunity to manage earnings each period by deciding when particular customers' accounts become uncollectible. c. reflects the amount a firm expects to collect in cash from the accounts receivable on the balance sheet. d. all of the above. e. none of the above.