The expense of extending credit to make a sale should be recognized in the same period as the revenue from the sale
a. True
b. False
Indicate whether the statement is true or false
True
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The managerial reporting officer is responsible for reporting GAAP financial statements
Indicate whether the statement is true or false
How does Southwest Airlines justify its outsourcing of some of its telephone reservation work to people in India?
What will be an ideal response?
Which of the following is true of strict liability?
A. The essential element for strict product liability is that the product is not defective. B. Courts never hold the retailer liable if the manufacturer is available for suit. C. Most states hold that plaintiffs can recover for purely economic losses under strict liability. D. The application of strict liability varies among states.
Sebastian was the manager of Thai Bistro, a restaurant specializing in Southeast Asian foods. Sebastian opened a bank account in Thai Bistro's name, signing the account signature card as "owner." Umeko, who was often at Thai Bistro and had free access
to its office, told others that she was "an owner" and "a partner." She also opened a bank account in Thai Bistro's name, and signed the account signature card as "owner." Sebastian told Vijay, the owner of Wong Noodles, Inc, that Umeko was a member of a partnership that owned Thai Bistro. On this basis, Wong Noodles delivered its goods to Thai Bistro on credit. In fact, Thai Bistro was owned by a corporation. When the unpaid account totaled more than $10,000, Wong Noodles filed a suit against Umeko to collect. On what basis might Umeko be liable for the debt?