The cash value and surrender value on a life insurance policy may differ because of
A)
accidental death benefits.
B)
dividends.
C)
improved survival probabilities.
D)
surrender charges.
D
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In 2015, Morton Co sold 100 hot air balloons at $4,000 each. The balloons carry a 5-year warranty for defects. Morton estimates that repair costs will average 4% of the total selling price. The estimated warranty liability at the beginning of the year was $42,000 . $11,000 in claims was actually incurred during the year to honor their warranty. What was the balance in the ending estimated
warranty liability at the end of the year? a. $47,000 b. $42,000 c. $37,000 d. $ 5,000
Which of the following misstatements is not related to the completeness assertion for revenue?
A. This year's revenue is recorded next year. B. Next year's revenue is recorded this year. C. Revenue is not recognized for services that have been performed. D. Goods are shipped, but revenue is not recorded.
A product class is also called a product type
Indicate whether the statement is true or false
Describing the typical response is referred to as:
A) typical response identification B) central tendency C) variability D) mean E) ANOVA