If a Firm Has a Large Percentage of Accounts Over

question 57

True/False

If a firm has a large percentage of accounts over 30 days old,this is solid proof that its receivables manager is not doing a good job.

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Definitions:

Express Warranty

A seller's explicit promise or guarantee, assuring the quality or performance of a product, often included in the written contract.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law among the states.

Warranty Rights

Legal entitlements or protections afforded to consumers, guaranteeing that a product will meet certain standards of performance and quality.

Privity

The direct relationship between parties to a contract, which determines who can sue whom to enforce rights or obligations under the contract.