Vanderhoort Contacted Prinz to Buy a New Furnace That Burned

question 148

Multiple Choice

Vanderhoort contacted Prinz to buy a new furnace that burned both wood and oil.Prinz,who bought the furnace directly from the manufacturer,also installed it.The furnace was defective; it malfunctioned and caused a fire that destroyed the house of the buyer and the belongings of a visitor.Which of the following accurately sets out the legal position of the parties?

• A) The visitor could sue both seller and the manufacturer.
• B) Vanderhoort could sue only seller.
• C) The damages to be claimed from the seller are limited to the total charged for the sale and installation.
• D) If the reason for the fire was a defect caused at the factory, Vanderhoort could only sue the manufacturer for negligence.
• E) If Vanderhoort successfully sued the seller, the seller could then sue the manufacturer.

Identify the characteristics and classification of assets, liabilities, and equity on the balance sheet.

Comprehend the revenue recognition principle and its application in different scenarios.

Understand the significance and process of closing entries in resetting temporary accounts for the new accounting period.

Distinguish between current and long-term classifications of assets and liabilities.

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Definitions:

Character Array

An array that holds characters, commonly used to store strings of text in programming.

String Object

An object in programming that represents a sequence of characters used to store and manipulate text.

Collection Object

An object that groups multiple elements into a single unit, typically provided by a collection framework in languages like Java.

For Loop

A control flow statement in programming that repeatedly executes a block of code a set number of times or while a certain condition is true.