Briefly Describe the Functioning of a Computer

question 110

Essay

Briefly describe the functioning of a computer.

Identify the conditions under which a breach of warranty occurs.

Comprehend the rules for construction when express and implied warranties are consistent.

Recognize the Magnuson-Moss Warranty Act requirements for full warranties.

Understand how to effectively disclaim oral and written warranties.

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Definitions:

Audit

An examination of the financial reports to ensure that they represent what they claim and conform with generally accepted accounting principles.

Contra-Asset

A contra-asset account is an asset account where the balance of the account will either be a zero or a negative figure, which offsets the balance of the related asset account.

Doubtful Accounts

Receivable accounts that may potentially become bad debts as the likelihood of collection is uncertain.

Balance Sheet

The balance sheet is a financial statement that shows a company's financial position at a specific point in time, listing assets, liabilities, and shareholders' equity.