A party in a contract that uses its bargaining power unfairly can render the contract unconscionable
Indicate whether the statement is true or false
TRUE
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The allowance for doubtful accounts will not be precise by either the client or the auditor because of which of the following reasons?
a. It is an accounting estimate based upon judgment. b. GAAP is not clear on the calculation of the allowance. c. It is merely a reserve that is reversed by the client as income is needed for profitable results. d. The precision is determined by the results of confirmation responses.
________ is a doctrine that says if a shareholder dominates a corporation and uses it for improper purposes, a court of equity can disregard the corporate entity and hold the shareholder personally liable for the corporation's debts and obligations.
A. Res ipsa loquitur B. Fruit of the poisonous tree C. Mirabile dictu D. Piercing the corporate veil
The entry to accrue the warranty payable includes a credit to Warranty Expense
Indicate whether the statement is true or false
A form of pricing high, this strategy is used for new products that have no competition
a. customer-led b. competition-led c. skimming d. loss-leader