Most Cars Bought from Private Parties Have

question 92

Multiple Choice

Most cars bought from private parties have:

• A) no implied warranties.
• B) a 30-day return privilege.
• C) a limited warranty.
• D) no express warranty.
• E) a government-supported repair guarantee.

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Definitions:

Customer Accounts

Accounts maintained by a vendor detailing individual transactions with customers over a period, showing credits, debits, and balances.

Controlling Account

A general ledger account that summarizes and controls the balance of all subsidiary accounts related to it, typically used for accounts receivable and accounts payable.

Subsidiary Ledger

A detailed ledger containing individual accounts that support figures on the general ledger, often used for accounts receivable, accounts payable, etc.

Merchandise Inventory

Goods that a company owns and intends to sell as part of its primary business operations, valued either at cost or market value on the balance sheet.