Which of the Following Is the Correct Way to Date

question 30

Multiple Choice

Which of the following is the correct way to date an income statement?

• A) For the Year Ended December 31, 2012
• B) At December 31, 2012
• C) As of December 31, 2012
• D) December 31, 2012

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Definitions:

Common Law Language

The language used in common law jurisdictions, based on judicial decisions and customs, as opposed to statutes.

Implied Warranty

An unwritten guarantee that a product will meet a minimum level of quality and functionality.

Merchantability

A warranty that goods sold will be of average quality, fit for the general purpose for which they are sold.

Implied Warranty

A legal term for assurances that are not explicitly stated but are assumed in the sale of goods or services, ensuring certain minimum standards.