Which of the Following Best Describes a Warranty

A expensed when paid. Expensed based on estimate in the year of sale best describe the accounting for warranty costs.

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It is a purchasers title to goods obtained by the impersonation of another person.

. A Expensed when incurred B Expensed based on estimate in year of sale C Expensed when warranty claims are certain D Expensed when paid 7 Which of the following sets of conditions would give rise to the accrual of. All of the above. Expensed when warranty claims are certain.

Accounting questions and answers. There is a contract and Omega has a six-month warranty. C expensed based on estimate in year of sale.

6 Which of the following best describes the accounting for assurance-type warranty costs. 1 2 and 3 only d. Which of the following best describes the expense as incurred approach of accounting for warranty cost.

P 0. A written oral contract between consumer and producer a. Should be used whenever the warranty is an integral and inseparable part of the sale 14.

Any statement made by the applicant as part of the insurance contract. A statement or condition that the applicant represents to be absolutely true. Unlimited warranty would cover everything.

D expensed when warranty claims are certain. 6 Which of the following best describes the accounting for assurance-type warranty costs. Which of the following best describes the accrual method of accounting for warranty costs.

The only type of warranty legally recognized c. Hence option B is correct. Set of condition that give.

It refers to the terms in a sales contract stipulating the party that will bear the risk of loss of goods during shipment. It is a present obligation that entails settlement by probable future transfer or use of cash goods or services. Omega responds Well take it but only if there is a six-month warranty Which of the following is true.

B expensed when obligations are probable and estimable. 100 1 rating Solution 6. Which of the following best describes an express warranty.

Is required for income tax reporting. Can be limited or unlimited. The accrual approach in accounting for warranty a.

The only type of warranty a company will offer. A Three B None of these C Two D One. Utility increases the average performance4.

Expensed based on estimate in year of sale b. Warranty of merchantability exists even after the risk of loss has passed to the buyer. Which of the following statements are CORRECT about utility and warranty.

P1000 P1500 P2000 Mcq answeraccrual approach in accounting for warrantyd. Assume that a manufacturing corporation has 1 good quality control 2 a one - year operating cycle 3 a relatively stable pattern of annual sales and 4 a continuing policy of guaranteeing new products against defects for three years that has resulted in material but rather stable warranty repair and replacement costs Any liability for the warranty. Which of the following best describes the term acceptance.

ANSWERThere is no contract. Public records are crucial in establishing all of the following EXCEPT A encumbrances B liens C ownership D adverse possession. What is the classification of the estimated warranty liability in a three-year.

If the procedures and programs functioned as intended what is likely true about the. 期末marketing quizz 1 See Page 1. Expensed when warranty claims are certain d.

A The ability to detect events make sense of them and determine the appropriate control action. 1 and 2 only c. Expensed when warranty claims are certain.

Expensed based on estimate in year of sale. Which of the following best describes the accounting for assurance-type warranty costs. Unless excluded or modified merchants do not make an implied warranty of merchantability.

A failure to disclose a material fact on an application for insurance. Which of the following best describes the cash-basis method of accounting for warranty costs. Which of the following best describes the accounting for assurance-type warranty costs.

A definite level of utility and warranty associated with a core service package. View the full answer. Expressed warranty is in writing.

Utility can be described as what the customer gets2. There is a contract but Omega does not have a six-month warranty. B A description of customer requirements used to negotiate a Service Level Agreement.

There is a contract unless the warranty term is a material change. A statement or condition that the applicant represents to be absolutely true. A verbal guarantee Which of the following best describes when it makes sense to use a local brand name.

The entity projected the estimated warranty cost as a percent of sales. Which of these is. Which of the following best describes the expense.

Which of the following best describes the term warranty. A buyer who wants to know whether the title for a property is in good standing would order a n A suite to quite title B deed of trust C abstract D deed. Warranty reduces the variation in performance a.

Which of the following BEST describes the purpose of Event Management. Finds the expense account being charged when the seller performs in compliance with the warranty d. Was having significant quality problems in its manufacturing plant.

To remedy the situation management implemented various up-front procedures and programs that were expected to reduce the production of bad units to acceptable normal levels and benefit the firm financially. Is frequently justified on the basis of expediency c. It was valued at P1000000 at date of acquisition and at P2000000 at date of death.

A written guarantee b. The obligation must be liquidated using cash goods or services that were earned by the entity in the performance of their normal business operation. Warranty can be defined as fitness for use.

Limited would be a warranty with certain restrictions. Warranty of merchantability relates only to the fitness of the product made or sold. Expensed when liability is accrued c.

Expensed based on estimate in year of sale.

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