Infomercials are short, usually five-minute TV ads selling a relatively new product or service.
Answer the following statement true (T) or false (F)
False
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A contingency was evaluated at year-end and considered to have a reasonable possibility of becoming an actual liability. If this was not reported in the notes to the financial statements, what is the effect on the financial reporting of the company?
A) There would be no effect. B) The liabilities on the balance sheet would be understated. C) The information about the transaction would be inadequately disclosed in the notes. D) The net income of the company would be understated.
Which approach of the following in not considered an exit:
A. Initial public offering B. Trade sale C. Strategic partner’s investment D. Liquidation
The manager of a laptop computer dealership is considering a new bonus plan in order to increase sales. Currently, the mean sales rate per salesperson is five laptops per week. The correct set of hypotheses for testing the effect of the bonus plan is
A. H0: ?< 5 Ha: ?? 5.
B. H0: ?
5 Ha: ?> 5.
C. H0: ?> 5 Ha: ?
5.
D. H0: ?
5 Ha: ?< 5.
Imported Carpets Store and Jill enter into a contract for a sale of an Oriental rug. Imported Carpets, a merchant who deals in goods of the kind sold, generally describes the goods, details technical specifications, and shows a sample. Under the UCC, if these are inconsistent
A. the general description displaces the sample. B. the general description displaces the technical specifications. C. the sample takes precedence over the general description. D. the sample takes precedence over the technical specifications.