A firm ordinarily uses the same sales forecasting method for determining short-range and long-range sales forecasts.
Answer the following statement true (T) or false (F)
False
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In 2018, a company purchased a small business for $250,000. The market value of the small business's assets was $400,000, and the market value of the liabilities was $200,000. The company recorded goodwill of $50,000 at the time of acquisition. At the end of 2019, it measured goodwill and found it had a remaining fair value of only $20,000. At year-end 2019, the company will ________.
A) record a loss on sale of assets B) record an impairment loss C) record accumulated depletion D) record a gain in goodwill
Which of the following statements is true of implied warranty of merchantability?
A) It states that the product being sold is the safest one that can be produced with the scientific knowledge available. B) To meet the standard of merchantability, the product must be adequately contained, packaged, and labeled as the agreement may require. C) This warranty is made even if the seller does not regularly sell that type of good. D) The Uniform Commercial Code considers contracts related to consumer goods that limit damages for injuries to a person as valid.
Tort is the French word for:
A) Damages. B) Fees. C) Wrong. D) All of the above.
ABC analysis classifies inventoried items into three groups, usually based on annual units or quantities used
Indicate whether the statement is true or false