A branch of tort law that imposes a much higher level of liability when harm results from ultrahazardous acts or defective products is referred to as
a. res ipsa loquitur.
b. strict liability.
c. heightened liability.
d. strict negligence.
b
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On October 1, Lawrence Company borrowed $60,000 from Fourth National Bank on a 1-year, 7% note. If the company's fiscal year ends as of December 31, Lawrence should make an entry to increase
a. interest expense, $4,200. b. notes payable, $1,050. c. interest payable, $1,050. d. prepaid interest, $3,150.
Phelps Company manufactures custom-designed filtering equipment for swimming pools and tanks. In May 2014, the company had sales of $895,000 and incurred the following costs of quality: Product design costs $ 8,600 Product recall costs 5,200 Product simulation costs 13,500 Product testing costs 3,500 Product warranty claims 2,000 Scrap and rework costs 3,000 The total costs of quality as a
percentage of sales were A) 3.5% B) 4.0% C) 4.5% D) 5.0%
Answer the following statements true (T) or false (F)
Because of important national differences, a strong drive for harmonization of accounting standards has not yet been possible.
A ________ is a seller's or lessor's express or implied assurance to a buyer or lessee that the goods sold or leased meet certain quality standards
A) bond B) caveat emptor C) warranty D) collateral