A(n) ________ is a warranty created when a seller or lessor makes an affirmation that the goods he or she is selling or leasing meet certain standards of quality, description, performance, or condition.
A. implied warranty
B. limited warranty
C. express warranty
D. primary warranty
Answer: C
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An example of a current liability that must be accrued is
a. accounts payable. b. current maturity of long-term debt. c. revenue received in advance. d. income taxes payable.
The Retained earnings account has a credit balance of $37,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and dividends are $9,000, what is the ending balance in the Retained earnings account after all closing entries are made?
A. $52,400. B. $37,000. C. $43,400. D. $28,000. E. $35,400.
When constructing charts for a business report, you should
A) present all the data you gathered through research. B) include more charts to increase the impact of each one. C) avoid any common abbreviations and symbols. D) assume the reader will refer to the narrative text for explanations. E) keep charts simple enough to convey meaning immediately.
During the next-to-last stage of the organizational buying decision process, the organization
A. formally rates suppliers that were used. B. awards the contract. C. evaluates supplier facilities. D. drafts specifications. E. recognizes a need for change.