Bill has a right against Heather and assigns it for $100 to Dan. Later, Bill grants Heather a release. Bill:
A) is liable to Dan for damages because he breached an implied warranty.
B) has no liability to Dan because he did not expressly warrant that he would not impair the assignment.
C) has no liability to Dan because the only implied warranty he made was that the assigned right actually existed at the time of the assignment.
D) was acting contrary to public policy by assigning a contractual right for money.
A
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Identify whether the following tests are tests of controls, substantive analytical procedures, tests of details of transactions, or tests of details of account balances.1) Select a sample of customer receivables and send positive confirmations to each customer.2) Examine monthly bank reconciliations for the internal auditors' initials indicating internal verification and review of the reconciliation.3) Select a sample of entries in the sales journal and trace each to the shipping documents.4) Compute receivable turnover and compare with previous years.5) For a sample of new customers, determine whether credit approval was properly administered and documented.6) Compare the dates on a sample of sales invoices with the dates of shipment and the dates the transactions were recorded in the
sales journal. What will be an ideal response?
Describe three ways in which corporate social responsibility differs from conscious marketing.
What will be an ideal response?
Consider the estimated aggregate demand for a company’s ski product line for the upcoming year in the following table. Calculate the inventory holding costs for the month of March using the level production strategy. Assume the regular time production cost as $200/pair of skis, the average monthly inventory holding cost as $20/pair of skis per month, and the beginning inventory for January is 8,000 units.
A. $5,000
B. $7,500
C. $10,000
D. $20,000
In which of the following situations will the implied warranty of merchantability arise?
a. Yolanda purchased a curling iron from Value Plus Discount Store. b. Morgan sold his CD player to a friend. c. Josh sold his car for $1,000 to a co-worker. d. SafePro, Inc. hired Pamela as a sales consultant.