Jason orders one hundred remote-controlled toy cars from RyBy Toys. In the contract, it is stipulated that RyBy Toys will transport the toy cars via FlyByNight, a national carrier service
RyBy Toys makes the arrangements and hands over the toys to FlyByNight without the remote-controllers. In the event that the goods are destroyed in transit, which of the following parties would bear the risk of loss as per the sales contract?
A) Jason would bear the risk of loss irrespective of the fate of the goods.
B) FlyByNight would bear the risk of loss as they had the responsibility to deliver the goods.
C) RyBy Toys would bear the risk as they shipped nonconforming goods.
D) The risk of loss would be shared between RyBy Toys and Jason.
C
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Select the correct statement regarding the selling and administrative (S&A) expense budget.
A. The S&A budget is prepared before the cash budget. B. The S&A budget is prepared before the pro forma income statement. C. The S&A budget is prepared after the sales budget. D. All of the answers are correct.
The responding party to an appeal is called a respondent or a(n) ________.
A. appellate B. appellee C. correspondent D. petitioner
Which of the following correctly describes the accounting for factory depreciation?
A) Factory depreciation is a product cost and is expensed as incurred. B) Factory depreciation is a period cost and is expensed as incurred. C) Factory depreciation is a product cost and is expensed when the manufactured product is sold. D) Factory depreciation is a period cost and is expensed when the manufactured product is sold.
According to McClelland’s need theory, the need for power is ______.
A. the need to influence others to do what you want B. the need for close personal relationships C. the drive to succeed at high levels D. the need for consistent feedback