Under the sales article of the UCC, which of the following statements is correct?
a. Obligations of the parties to the contract must be performed in good faith.
b. Merchants and nonmerchants are treated alike.
c. The contract must involve the sale of goods for a price of more than $500.
d. None of the provisions of the UCC may be disclaimed by agreement.
.A
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A company provided $12,000 of consulting services and was immediately paid in cash by the customer. Identify the journal entry below that properly records this transaction.
A.
| Accounts Receivable | 12,000 | |
| Consulting Services Revenue | 12,000 |
B.
| Cash | 12,000 | |
| Consulting Services Revenue | 12,000 |
C.
| Accounts Payable | 12,000 | |
| Consulting Services Revenue | 12,000 |
D.
| Accounts Receivable | 12,000 | |
| Cash | 12,000 |
E.
| Consulting Services Revenue | 12,000 | |
| Cash | 12,000 |
Interactions among variances often occur, making it even more difficult to determine the responsibility for a particular variance.
Answer the following statement true (T) or false (F)
When a company offers new services to current customers, it is using a ________ growth strategy.
A. Market development B. Service development C. Share building D. Market integration E. Diversification
In which of the following cases discussed in the text was the manufacturer held liable based on failure to warn:
a. a gun manufacturer whose guns jammed, causing them to misfire b. a power tool company that failed to include grounded power cords with their product c. a trampoline manufacturer that failed to put its warnings in French d. all of the other specific choices are correct e. none of the other specific choices are correct