If the statute of limitations for strict liability for a particular state is two years and a plaintiff brings a product liability suit to court three years after the injury, the defendant is relieved of liability
Indicate whether the statement is true or false
TRUE
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The mean of a sample is the middle value when the data are arranged in ascending or descending rank order
Indicate whether the statement is true or false
The markup percentage includes the gross margin in the computation of the selling price
Indicate whether the statement is true or false
Flexibility of practice when applied to managerial accounting means that:
A. Managerial accountants must be on call twenty-four hours a day. B. Managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations. C. Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for. D. The information must be presented in electronic format so that it is easily changed. E. Managers must be flexible with information provided in varying forms and using inconsistent measures.
In a contract for the sale of goods, only those terms which the parties have expressly
agreed upon can ever become a part of the contract. Indicate whether the statement is true or false