Which of the Following Best Describes a Warranty

By Da_Samantha480 20 Apr, 2022 Post a Comment

Which of the following BEST describes chain of title. B expensed when obligations are probable and estimable.

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If the company can reasonably estimate the amount of warranty claims likely to arise under the policy it should accrue an expense that reflects the cost of these anticipated claims.

. 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. B activities producing tangible products such as radios newspapers buses and textbooks. This preview shows page 104 - 106 out of 106 pages.

Can be limited or unlimited. Expensed based on estimate in year of sale d. Expensed based on estimate in year of sale b.

View the full answer. Hence option B is correct. Which of these is the best description of an expressed warranty.

Expensed when paid b. The company estimates that the warranty cost is 300 per unit sold and reported a liability for estimated warranty costs 104 million at the beginning of this. Expensed based on estimate in the year of sale best describe the accounting for warranty costs.

Expensed when warranty claims are certain c. Accounting questions and answers. Expensed when warranty claims are certain.

Expensed when warranty claims are certain. Expensed based on estimate in year of sale d. Which of the following best describes the accrual method of accounting for warranty costs.

A statement or condition that the applicant represents to be absolutely true 3. Expensed when obligations are probable and estimable. Which of the following describes the best method to account for warranty expense.

A written guarantee b. D expensed when warranty claims are certain. When the firm can estimate the claims related to warranty in the sale year then as per accrual approach it would accrue those estimated claims as the expense.

期末marketing quizz 1 See Page 1. In a service-type warranty warranty revenue is. 100 1 rating Solution 6.

Expressed warranty is in writing. Set of condition that give. Any statement made by the applicant as part of the insurance contract 2.

A statement made by an applicant for insurance that is made part of the contract and upon which coverage is conditioned is known as. Under the policy of warranty the business firm. Which of the following best describes an express warranty.

Expensed when paid b. Which of the following best describes the cash-basis method of accounting for warranty costs. Use of the accrual method in accounting for product warranty costs.

Is required for federal income tax purposes. Expensed based on estimate in year of sale. 21Which of the following best describes the accrual approach of accounting for warranty costa.

A It is a report of the contents of the public record regarding a particular property B It is the examination of the record and hidden risks such as forgeries undisclosed heirs errors in the public records and so on. Goods production refers to the production of tangible articles from tangible raw materials as well as from intangible inputs such as ideas knowledge and information which will have a commercial value and will be beneficial for consumer use. The only type of warranty a company will offer.

A expensed when paid. Which of the following best describes the accounting for assurance-type warranty costs. C expensed based on estimate in year of sale.

6 Which of the following best describes the accounting for assurance-type warranty costs. Expensed based on estimate in year of sale. Wait until a warranty claim occurs and then recognize the warranty expense.

Estimate and recognize warranty expense at the time a good is sold. One required element is that all parties be competent. Which of the following best describes the accrual approach of accounting for warranty cost.

Expensed when liability is accrued. Expensed based on estimate in year of sale. Expensed when warranty claims are certain c.

Which of the following best describes the accrual method of accounting for warranty costs. Which of the following best defines a warranty. Is frequently justified on the basis of expediency when warranty costs are immaterial.

Several elements must be present in order for an insurance contract to be enforceable. Which of the following best describes the accrual method of accounting for warranty costs. A written oral contract between consumer and producer a What term best describes statements indicating the assured quality and.

Expensed when paid C. A written or oral guarantee promising that an item will function in a very specific manner usually for a. Expensed when paid C.

Unlimited warranty would cover everything. Which of the following best describes the expense as incurred approach of accounting for warranty cost. Which of the following best describes the accounting for assurance-type warranty costs.

Which of the following best describes the accrual. The only type of warranty legally recognized c. Which of the following best describes the cash-basis method of accounting for warranty costs.

What is the best description of expressed warranty. Expensed when warranty claims are certain B. Warranty expense must not be recognized.

A verbal guarantee Which of the following best describes when it makes sense to use a local brand name. Expensed based on estimate in year of sale. Expensed when warranty claims are certain.

6 Which of the following best describes the accounting for assurance-type warranty costs. Expensed based on estimate in year of sale D. A failure to disclose a material fact on an application for insurance 3.

Expensed when warranty claims are certain B. Which of the following best describes the accounting for assurance-type warranty costs. Expensed based on estimate in year of sale.

Limited would be a warranty with certain restrictions. Which of the following best describes the expense as incurred approach of accounting for warranty cost.

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