Unless properly disclosed, a warranty that is implied that sold or leased goods are fit for the ordinary purpose for which they are sold or leased, as well as other assurances, is known as ________.
A. implied volatility
B. an implied cause of action
C. an implied assertion
D. the implied warranty of merchantability
Answer: D
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What effect does "recognizing revenue at the end of the accounting period for rent previously received in advance" have on the accounting equation for an insurance company?
a. Stockholders' equity increases and liabilities increase. b. Assets increase and stockholders' equity increases. c. Assets decrease and liabilities decrease. d. Liabilities decrease and stockholders' equity increases.
What is the relationship or connection between a company's pro forma financial statements and the end-of-period financial statements reported to stockholders and other external users?
What will be an ideal response?
A thirty-minute or longer advertisement that looks more like a television talk show than a sales pitch is known as a(n) _____
a. advocacy advertisement b. premium c. trade sales promotion d. infomercial
If a plaintiff seeking damages in a breach of contract action receives $1 in damages, the damages would most likely be classified as: A) punitive damages
B) exemplary damages. C) nominal damages. D) compensatory damages.