Every sale or lease by a merchant who deals in goods of the kind sold or leased automatically gives rise to an implied warranty of merchantability

a. True
b. False
Indicate whether the statement is true or false


True

Business

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Purchasing power takes into account population size

Indicate whether the statement is true or false

Business

____________________ benefits can be measured and expressed in financial terms, while ____________________ benefits cannot be easily measured and/or quantified

Fill in the blank(s) with correct word

Business

Seattle Company issued a $45,000 face value discount note payable to First Federal Bank on September 1, Year 1. The note had a 8% discount rate and a one-year term.What is the effect of the accrual of interest expense on the elements of the financial statements?

A. Liabilities will increase and retained earnings will decrease. B. Assets and liabilities will decrease. C. Liabilities will increase and assets will decrease. D. Assets will increase and retained earnings will increase.

Business

When the Fed sells securities, _____.

A. banks become flush with funds B. banks cut back on the loans C. credit becomes readily available D. the money supply increases

Business