Mention a few instances where a bailee need not return bailed property in the same condition that it was delivered to him
In the case of fungible goods, such as wheat, a bailment exists if the owner expects to receive a like quantity and quality of goods. If the goods are to be processed in some way, a bailment arises if the product made from the original goods is to be returned. When a consignment exists, the property may be sold by the holder and not returned to the original owner. Finally, when property is left for repair, the property returned should be repaired and therefore not be identical to the property left. In each case, a bailment arises although the identical property is not returned.?
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The selection of historical cost over current value as the attribute to be measured for assets is an example of the trade-off of
a. Reliability over relevance b. Costs over benefit c. Comparability over consistency d. Understandability over verifiability
An overstatement of ending inventory will cause an overstatement of assets and an understatement of equity on the balance sheet.
Answer the following statement true (T) or false (F)
Which of the following statements is correct?
A) Overhead consists of a limited variety of costs that should have the same cost driver. B) Overhead consists of a wide variety of costs that should have the same cost driver. C) Overhead consists of a variety of costs that may potentially have different cost drivers. D) Overhead consists of a limited variety of costs that must each have a unique cost driver.
A graph with two axes with implied uncertainty along the horizontal axis and responsiveness along the vertical axis is referred to as the
A) implied uncertainty spectrum. B) responsiveness spectrum. C) uncertainty/responsiveness map. D) zone of strategic fit.