Which of the following is both an estimated liability and a contingent liability?
a. Co signature on $500 loan
b. Current portion of long-term debt
c. Warranty liability
d. Liability for dividends
C
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When a fiscal year that starts and ends at the time the stock of merchandise is normally at its lowest level is selected, it is known as a(n)
a. natural business year. b. calendar year. c. base year. d. accounting cycle.
According to the chapter, which of the following is a strategic consideration for virtual meetings?
A. physical facilities B. cultural similarity C. technological adequacy D. disruptions
Mary buys a new toaster for $500. The toaster's label bears a disclaimer stating that the manufacturer is not liable for consequential damages
One day, while Mary is using the toaster, it starts emitting sparks and the electrical wiring of the kitchen gets damaged. The electrician tells Mary that the toaster malfunctioned and that the cost of repairs would be $2,000. What monetary damages can Mary recover from the manufacturer of the toaster? A) $500 B) $2,500 C) $2,000 D) damages cannot be recovered
Courington Detailing's cost formula for its materials and supplies is $2,420 per month plus $9 per vehicle. For the month of August, the company planned for activity of 63 vehicles, but the actual level of activity was 33 vehicles. The actual materials and supplies for the month was $2,840.The activity variance for materials and supplies in August would be closest to:
A. $147 F B. $270 F C. $270 U D. $147 U