Warranty Service,handling Complaints,and Costs of Litigation Are Examples Of

question 21

Multiple Choice

Warranty service,handling complaints,and costs of litigation are examples of:

• A)internal failure costs.
• B)external failure costs.
• C)appraisal costs.
• D)prevention costs.
• E)replacement costs.

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Definitions:

Journal Entries

The method by which all business transactions are recorded in a company's accounting system, using debits and credits.

Other Comprehensive Income

Portions of total comprehensive income of a company not realized in net income, including items like foreign currency translation adjustments or unrealized gains on securities.

International Financial Reporting Standards

A set of accounting standards developed by the International Accounting Standards Board (IASB) that aims to standardize accounting practices globally.

Accounting Standards for Private Enterprises

Specific accounting principles and guidelines meant for the financial reporting of privately-held companies, differing from those for publicly traded companies.