Which of the following would be a breach of the implied warranty of merchantability?
A)A knife that cuts its user when slicing a bagel
B)A radio that does not pick up FM signals
C)A match that burns a spot in the carpet when accidentally dropped
D)A dress watch that does not keep accurate time after getting wet
B
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[APPPENDIX] When an individual wishes to form a sole proprietorship, he or she does so by
a. filing a petition with the IRS. b. purchasing stock in the proprietorship. c. filing corporate paperwork with the state. d. contributing cash or other assets.
Which of the following combinations for calculating ending inventory is not possible?
a. periodic LIFO; b. periodic perpetual; c. perpetual weighted average; d. periodic lower-of-cost-or-market; e. all are possible combinations.
In preparing a statement of cash flows, the reconciliation of net income to cash from operating activities does NOT include
a. loss on sale of operational assets. b. bond discount or premium amortization for the period. c. gain on sale of debt and equity securities classified as Trading Securities. d. adjustment to record debt or equity securities classified as Securities Available for Sale at fair value.
For 2018, unreimbursed qualifying moving expenses for active military personnel are an itemized deduction.
Answer the following statement true (T) or false (F)