If a consumer reports the loss before the card is used, the consumer: ______
A) is not liable for any charges.
B) is only liable for losses up to $50.
C) is not liable for losses over $500.
D) is liable if they failed to examine periodic banking statements.
A
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Under IFRS rules, if a firm uses the direct method, a reconciliation of net income to cash flows from operating activities is not required.
Answer the following statement true (T) or false (F)
Which of the following elements ultimately determines the amount of audit work that is necessary in the circumstances to afford a reasonable basis for an opinion?
A. Materiality. B. Auditor judgment. C. Relative risk. D. Reasonable assurance.
Identify whether the following statements could result in actionable fraud and why or why not
a. A statement by an art dealer to a potential buyer, "I think this painting is underpriced because the artist is now gaining national recognition.". b. A vacuum cleaner salesperson's statement, "This machine is the best available for the cost.". c. A city councilman's statement to a fellow councilman that, "If we vote for that action, the resulting consolidation will be illegal.".
If there are customer orders, the projected available is based on:
A) forecast demand. B) the opinion of the planner. C) the greater of forecast demand and customer orders. D) customer orders.