Avonna lets Harry use her car for the weekend in an emergency without any terms and conditions. Which of the following statements is true in this situation?
a. This is a bailment for the bailee's sole benefit, so Harry should exercise utmost care.
b. This is a mutual benefit bailment, so Harry should exercise reasonable care.
c. This is a mutual benefit bailment, so Harry should exercise slight duty of care.
d. This is a bailment for the bailor's sole benefit, so Harry should exercise slight duty of care.
a
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You are auditing a manufacturing company that has a large production facility. Some of the production equipment is held through lease agreements. Which of the following is the account balance assertion you would be most concerned about?
A. Rights and obligations. B. Accuracy. C. Completeness. D. Existence or occurrence.
All else equal, when a firm purchases raw materials on credit from its supplier, which of the following accounts is affected?
A. Accruals B. Cash C. Accounts payable D. Accounts receivable E. Notes payable
Which of the following is a variable expense?
A) a security deposit B) a utility bill C) a phone bill D) sales commission
All of the following may be raised as reasons for nonperformance of sales contract except: A) Impossibility
B) Frustration of Purpose. C) Commercial Impracticability. D) Subjective Constraints.