Article 2A of the UCC, recently adopted by most states, expands the UCC to cover:
a. sale of investment securities b. sale of service contracts
c. sale of real estate
d. sales of intellectual property e. none of the other choices
e
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Floors, Inc offers terms of 2/10, n/30 to credit customers. Tile Magic Corp purchased 100 tile cutters with a list price of $20 each on August 5, 2015, on account. Tile Magic Corp paid the invoice on August 31, 2015 . How much sales discount will Floors recognize?
a. $ -0- b. $ 40 c. $ 200 d. $ 236
A properly planned and performed audit may fail to detect a material misstatement resulting from fraud because:
A. audit procedures that are otherwise effective may be ineffective for fraud that is concealed through collusion. B. an audit is planned and performed to provide reasonable assurance of detecting material misstatements caused by errors but not by fraud. C. the auditor did not consider factors influencing audit risk for account balances that have effects pervasive to the financial statements taken as a whole. D. the factors considered in assessing control risk indicated an increased risk of error but only a low risk of fraud in the financial statements.
As a business builds more of the same product, there is a greater opportunity for ________ effects
A) scope B) network C) learning D) Mohring E) cluster
Using the nibble as a hardball tactic means pretending a low-priority item is important in order to trade it for a concession on another item.
Answer the following statement true (T) or false (F)