Answer the following: a. What is the Magnuson-Moss Warranty Act? b. What is a statute of repose?
a. The Magnuson-Moss Warranty Act is a federal statute that provides some protection to purchasers of consumer goods. Its purpose is to prevent deception and to make available to consumer purchasers adequate information about warranties. The FTC administers and enforces the act. The act provides that a seller who makes a written warranty cannot disclaim any implied warranty.
b. A statute of repose is a state enactment to limit the time period for which a manufacturer is liable for injury caused by its product. After the statutory time period has elapsed, a manufacturer ceases to be liable for harm caused by its defective products. The time period generally ranges from six to twelve years.
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When a note receivable has been discounted by a company
a. An account called discount on notes receivable is used. b. It will be shown as an asset of the company. c. It slows the collection process. d. It may be shown as a contingent liability in the footnotes.
Answer the following statements true (T) or false (F)
1) Lower-of-cost-or-market (LCM) requires that merchandise inventory be reported in the financial statements at the lower of the historical cost or the current selling price of the inventory. 2) If the historical cost of inventory is less than its current replacement cost, the business must adjust the inventory value. 3) In computing the lower-of-cost-or-market, current replacement cost is the cost to replace the inventory on hand. 4) In computing the lower-of-cost-or-market, market value generally means the selling price. 5) In computing the lower-of-cost-or-market, under IFRS, the market value is defined as the net realizable value, which is essentially the sales price.
The marketing department within an organization relies entirely upon internal resources to develop the information needed to make marketing decisions
Indicate whether the statement is true or false
Which of the following is not one of the levels of culture?
a. National culture b. Organizational culture c. Ethnic groups d. People culture