The implied warranty of merchantability shifts the burden of proof from:
A. suppliers to consumers.
B. producers to suppliers.
C. producers to consumers.
D. consumers to producers.
Answer: D
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The usual criterion for preparing consolidated financial statements is voting control in the form of majority ownership of common stock. However, for some entities common stock ownership does not indicate control because the common stock of the entity lacks one or more of the economic characteristics associated with equity. Which of the following is/are true?
a. U. S. GAAP refers to such entities as a variable interest entity (VIE). b. If the invested equity is so small that the entity requires other financial support to sustain its activities, it meets the criteria for a variable interest entity. c. If the equity owners lack meaningful decision rights, it meets the criteria for a variable interest entity. d. choices a and b, only e. choices a, b, and c.
Assume that customer arrivals at a small cafe can be modeled by a Poisson distribution. The average arrival rate is 3 customers per hour. What is the probability of 2 or fewer arrivals in the next hour (to three decimal places)?
a. Cannot be determined from the information given b. 0.152 c. 0.224 d. 0.423
If one rates an average employee's performance high because one compared the employee to poor performers, one commits a
A. leniency error. B. contrast error. C. recency error. D. central tendency error.
Art signs a promissory note payable to the order of Swains Jewelers for $8,000 for a wedding ring. If the owner of Swains simply signs "Swains Jewelers":
A) the note is restrictively indorsed. B) the indorsement is ineffective because the note will have to bear the signature of the person who indorsed it. C) the note is negotiable by delivery. D) the indorsement will be valid only if dated.