All of the Following Statements Are True EXCEPT

question 9

Multiple Choice

All of the following statements are true EXCEPT:

• A)if an engine failed due to an overheating problem, it is possible that the sensors for coolant temperature and the fan relay could be defective.
• B)sometimes a piston will seize in the cylinder due to an air leak in the intake manifold or a fuel system problem, resulting in too lean an air-fuel mixture.
• C)any fuel and cooling system hoses that are not in excellent condition must be replaced.
• D)if a problem is one that is not the responsibility of the rebuilder, under the terms of the warranty the rebuilder is still liable for the cost of the repair.

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Definitions:

Merchandise Inventory

Goods that a company holds for the purpose of selling them to customers, representing one of the key assets on the balance sheet.

Accounts Payable

The liabilities a company has to its vendors or lending parties for products and services it has received but for which payment has not been made.

Net Method

A way of recording purchases or sales of goods that directly factors in any discounts or allowances at the time of the transaction.

Gross Method

An accounting method for recording purchases at the full invoice price without deducting any cash discounts offered.