Indicate Whether Each of the Following Statements Is True or False

question 96

True/False

Indicate whether each of the following statements is true or false.
a)The extension of a warranty on goods sold normally represents a legal obligation to the seller of the goods.b)Recognizing the warranty obligation increases the Warranties Payable account and decreases a revenue account.c)Recording the payment of cash to settle a warranty claim increases expenses (Warranties Expense)and decreases liabilities (Warranties Payable).d)Net income is not affected by the payment of cash to settle a warranty claim.e)Total assets are not affected by the adjustment to record the warranty obligation.

---

Definitions:

Ancient Trash

Archaeological term for the refuse and discarded materials left behind by past human activities, which can reveal insights into historical lifestyles and economies.

Ethnology

The comparative study of cultures to understand human behavior and social life across different societies.

Participant Observation

A research method in anthropology and sociology where the researcher immerses themselves in the community being studied to observe and participate in their daily activities.

Ethnoarchaeology

An approach in archaeology that studies contemporary cultures to understand how human behavior is translated into archaeological remains.