Precise Parts, Inc., and Quality Auto stores enter into a contract for a sale of auto parts that meet certain specifications. Precise Parts ships goods that do not comply. Quality Auto
A. cannot reject the entire shipment.
B. can reject the entire shipment.
C. must accept the entire shipment.
D. must reject the entire shipment.
Answer: B
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Discuss the common reporting characteristics of discontinued operations and extraordinary items in the financial statements
Building Restoration, Inc (BRI), enters into a contract to refurbish an old train depot for Casual Dining, Inc, to open as Eat Up Restaurant. If BRI completes most of the work promised in the contract, its performance will be A) absolute
B) complete. C) material. D) substantial.
Williams Company computed its cost per equivalent unit for direct materials to be $2.60 and its cost per equivalent unit for conversion to be $3.75. A total of 250,000 units of product were completed and transferred out as finished goods during the month, and 36,000 of equivalent units remained unfinished at the end of the month. The amount that should be reported in Finished Goods Inventory is:
A. $650,000. B. $228,600. C. $1,587,500. D. $135,000. E. $1,816,100.
On agile projects the first iteration is planned as a milestone with acceptance criteria. However, subsequent milestones and acceptance criteria are determined on a ___:
a. need-to-know basis c. just in time (JIT) basis b. first in first out (FIFO) basis d. first come first served basis