Which of the following is the exercise of dominion and control over the personal property, rather than the real property, of another?
a. Conversion
b. Trespass
c. Invasionary deceit
d. Both conversion and trespass
a
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In 2016, Scranton, Inc sold 2,000 carpets for $50 each. The carpets carry a 2-year warranty for repairs. Scranton estimates that repair costs will average 3% of the total selling price. What is the amount that would be recorded in the warranty liability account as a result of selling the carpets during 2016?
a. $1,500 b. $3,000 c. $50 d. No liability should be recorded until the carpets are returned for repairs.
On September 1, Kennedy Company loaned $100,000, at 12% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end?
A. Debit Interest Receivable, $12,000; credit Cash, $12,000. B. Debit Interest Expense, $4,000; credit Interest Payable, $4,000. C. Debit Interest Receivable, $4,000; credit Interest Revenue, $4,000. D. Debit Interest Expense, $12,000; credit Interest Payable, $12,000. E. Debit Cash, $4,000; credit Interest Revenue, $4,000.
Which of the two ethical challenges usually work in tandem?
A. power, responsibility B. power, privilege C. consistency, responsibility D. privilege, loyalty
Classical economists, who support the profit-oriented school of social responsibility, recognize that there will be unintended effects of profit-seeking activities, called ________,
that affect society and cannot be incorporated into or passed on in the price of an output. A) unforeseeable circumstances B) concomitant consequences C) externalities D) internalities