The term caveat emptor means:
A) The seller must disclose facts relevant to the contract.
B) The buyer must inform herself before entering the contract.
C) The courts will set aside a contract if one side is better informed.
D) The buyer and seller must disclose relevant information before entering the contract.
E) "Let the seller beware".
B
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Which of the following is an example of a change in accounting principle that is accounted for retrospectively?
A) an Accounting Standards Update has been issued and a former principle is no longer generally accepted B) ?initial adoption of a generally accepted accounting principle because of events or transactionsoccurring for the first time C) change to a generally accepted accounting principle from a principle that is not generally accepted D) modification of an accounting principle for transactions or events that are clearly different in substance from those previously occurring
Responsibility accounting reports for profit centers are normally in the form of income statements
Indicate whether the statement is true or false
The relationship between sales and profits can be written as
A. sales revenues + expenses = profit. B. loss + profit = sales revenue. C. profit ? expenses = sales revenue. D. expenses + loss = sales revenue + profit. E. sales revenue ? expenses = profit.
Absolute, conditional, and constitutional privileges are all possible defenses in defamation actions
a. True b. False Indicate whether the statement is true or false