Once a Buyer Has Accepted Goods,he Cannot Later Reject Them

question 44

True/False

Once a buyer has accepted goods,he cannot later reject them unless at the time they were accepted,the buyer had reason to believe that the nonconformity would be cured.

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Definitions:

CR (Credit)

An accounting entry that decreases assets or increases liabilities and equity on a company's balance sheet, reflective of the double-entry bookkeeping system.

Tax Expense

The total amount of taxes a company incurs, reflecting both current taxes due and future tax liabilities.

Pre-Tax Book Income

The income of a business before taxes have been deducted, as reported in its financial statements.

Tax Depreciation

The allowance for a decrease in the value of business assets for tax purposes, calculated under specific regulations and used to reduce taxable income.