Quade is an expert in twentieth-century art. Rachel visits Quade's gallery, seeking to buy artwork as an investment. Quade shows her a painting that in his opinion is by Picasso. Quade's statement is
a. an express warranty.
b. an implied warranty.
c. an opinion.
d. puffery.
A
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If the principal invested in a bank at an annual interest rate of 6% is $3,000, the interest that will accumulate on the principal after a year will equal
A. $180. B. $300. C. $500. D. $700.
Exhibit 14-6 Jones Corporation issued $400,000 of its 8%, 10-year bonds, dated January 1, 2016, at face value plus accrued interest on May 1, 2016. Interest is paid on January 1 and July 1. Jones uses the most common method to record the sale of the bonds between interest payment periods. ? Refer to Exhibit 14-6. The amount of bond interest expense reported on the year-end 2016 income statement
would be A) $17,538. B) $21,333. C) $21,384. D) $32,000.
Which of the following is not an element of the control environment?
a. management philosophy and operating style b. organizational structure of the firm c. well-designed documents and records d. the participation of the board of directors and the audit committee
Sally purchased new equipment for her consulting business. She allocates the Section 179 deduction among the new assets. One piece of equipment costs $1,020,000 and was allocated one-half of the allowable Section 179 deduction and therefore has a depreciable basis of $510,000.
Answer the following statement true (T) or false (F)