Which of the Following Is a Warranty Implied by Law

question 41

Multiple Choice

Which of the following is a warranty implied by law in contracts for the sale of goods?​

• A)warranty of conformity to description, sample, or model
• B)warranty of merchantability
• C)warranty of conformity to seller's statement or promise
• D)warranty that the goods are made with union labor

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Definitions:

Ending Inventory

The overall worth of items ready for sale at the end of a fiscal period.

Net Income

The total earnings of a company after subtracting all expenses, taxes, and costs from its total revenues.

Next Period

Refers to the subsequent accounting period or time frame following the current one.

Retail Method

An inventory estimation technique used in retail, which calculates the ending inventory balance using the cost-to-retail price ratio.