On November 7, a calendar year business placed in service $900,000 of 3-year recovery property. If this was the only property placed in service during the year, MACRS depreciation is computed using the:
A. Mid-year convention
B. Daily pro-ration method
C. Mid-month convention
D. Mid-quarter convention
Answer: D
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Which of the following amounts could differ if a company, using the LIFO inventory costing method, shifts from a periodic inventory system to a perpetual inventory system?
A) ending merchandise inventory B) sales revenue C) purchases D) purchase returns
Which of the following is not an essential element in a product liability case based on negligence?
A) The defendant manufacturer owed a duty of care to the plaintiff. B) The defendant breached the duty of care. C) The plaintiff suffered actual, compensable injury. D) The defendant intended to cause the plaintiff harm.
16-year-old Green bought a car that he later wanted to return for a full refund. If the dealer refuses a court is likely to hold that:
a. contracts do not permit refunds, so the sale was final b. as a minor Green could disaffirm the contract, receive a refund and receive damages for fraud against a minor c. as a minor Green cannot disaffirm the contract d. as a minor he could disaffirm the contract; his parents would have to take responsibility for the contract e. none of the other choices
The primary purpose for attackers to send port scanning probes to hosts is to identify which ports are open
Indicate whether the statement is true or false.