A short-term note payable:
A. Is a contingent liability.
B. Is not a liability until the due date.
C. Is an estimated liability.
D. Is a written promise to pay a specified amount on a stated future date within one year or the company's operating cycle, whichever is longer.
E. Cannot be used to extend the payment period for an account payable.
Answer: D
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For its most recent fiscal year, a firm reported that its contribution margin was equal to 40 percent of sales and that its net income amounted to 10 percent of sales. If its fixed costs for the year were $60,000, how much were sales?
a. $150,000 b. $200,000 c. $600,000 d. can't be determined from the information given
Approximated net realizable value at split-off for joint products is computed as
a. selling price at split-off minus further processing and disposal costs. b. final selling price minus further processing and disposal costs. c. selling price at split-off minus allocated joint processing costs. d. final selling price minus a normal profit margin.
Choosing the right distribution channel for a service:
a. decreases the time that the service is available. b. maximizes the time customers wait in a line. c. increases the costs of providing the service. d. adds to customer convenience.
The ________ states that if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.
A. main purpose exception B. leading object exception C. parol evidence rule D. equal dignity rule