If a product is inherently dangerous so that no amount of due care could make it safe, ________.
A. privity does not bar recovery
B. the manufacturer is required to provide the consumer a disclaimer at the time of sale
C. contributory negligence prevents recovery
D. the manufacturer is required to give the consumer notice of the unreasonable danger
Answer: D
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In which one of the following cases would an auditor most likely issue a qualified opinion?
a. There is a highly material, and very pervasive departure from SFAS No. 141 and No. 142. b. There is a change in accounting principles promulgated by the FASB. c. There is an immaterial dollar misstatement on the financial statements. d. There is one material departure from GAAP that is affects only two accounts.
Joseph Company purchased a delivery van on January 1, Year 1 for $35,000. The van is estimated to have a 5-year useful life and a $5,000 salvage value. How much expense should Joseph recognize in Year 1 related to the use of the van?
A. $6,000 B. $5,000 C. $7,000 D. $30,000
Who was criticized for being "colored by naiveté and impractical ideals"?
a. Charles Jones b. John Lavery c. Jerome LiCari d. Nils Hoyvald
The major disadvantage of licensing agreements is that international companies cannot maintain control over their licensees.
Answer the following statement true (T) or false (F)