In June, The Seascape Gallery sells an oil painting to Collegiate Systems, Inc. Collegiate promises to pay for the painting in three months. The gallery prepares a draft ordering Collegiate Systems to pay $3,000 to First Bank on September 15. Collegiate Systems signs the draft. The draft is a
A. sight draft.
B. time draft.
C. trade draft.
D. future draft.
Answer: B
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Select the statement that represents a situation where informed consent is not operative.
A. The complexity of a product has been fully explained to a consumer. B. The extended warranty conditions on a product have been fully disclosed to a consumer. C. The customer is not clear about the calculation of the interest rate on a leased product transaction. D. Warning labels on a product have pointed out any potential hazards associated with operating it. E. All of the answers are correct. F. None of the answers are correct.
A process costing system
a. cannot use standard costs. b. restates Work in Process Inventory in terms of completed units. c. accumulates costs by job rather than by department. d. assigns direct labor and manufacturing overhead costs separately to units of production.
Recruitment refers to the process of:
A. seeking and attracting a pool of people from which qualified candidates can be chosen for job vacancies. B. introducing new employees to an organization, work unit, and job. C. deploying highly skilled and experienced employees from one department of an organization to another. D. learning during which employees acquire the specific skills needed for a job.
In which of the following contracts is the delivery delayed, though the commodity is sold and paid for?
A. a forward contract B. an option contract C. a spot contract D. a future contract