Quick assets are defined as:
A. Cash, noncurrent receivables, and prepaid expenses.
B. Cash, short-term investments, and current receivables.
C. Accounts receivable, inventory, and prepaid expenses.
D. Cash, short-term investments, and inventory.
E. Cash, inventory, and current receivables.
Answer: B
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A Federal Reserve policymaker voting to keep the federal funds rate unchanged is most likely voting for option
A. A. B. B. C. C. D. D.
An assumption about cost flow is necessary
a. because it is required by income tax regulations. b. only when the flow of goods cannot be determined. c. because prices usually change, and tracking which units have been sold is difficult. d. even when there is no change in the purchase price of inventory.
Under an exclusive-dealing contract, a seller promises a buyer a certain territory in which the buyer will have no direct competition
Indicate whether the statement is true or false
Thelma purchased a used truck from Hall that had been manufactured by International Harvester. To work on the truck engine, Thelma had to have the cab of the truck raised. When it was so raised, the cab fell unexpectedly and fatally injured Thelma. Suit
was brought for her wrongful death against Hall and International Harvester. The suit was based on theories of negligence, strict tort liability, and breach of warranty. The defense was raised that there was no liability because the sale to Thelma had been made "as is" and the truck was a used truck. Were these defenses valid?