Which of the following products is most likely to be purchased on the basis of contract negotiation?
A. Eggs
B. Office supplies
C. Used cars
D. A custom-made bulldozer
E. Wheat
Answer: D
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Indicate whether the statement is true or false
Which of the following is a true statement?
a. There is more variety in liability groups than in asset groups. b. Most liabilities are non-contractual in nature. c. There are natural subclassifications of liabilities and assets that can be inferred from the balance sheet. d. Liabilities are measured at amounts established in the transaction, usually amounts to be paid in the future, sometimes discounted.
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