To Be Legally Enforceable,an Express Warranty Must Be in Writing

question 31

True/False

To be legally enforceable,an express warranty must be in writing.

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Definitions:

Equity Method

An accounting technique used for recording investments in which the investor has significant influence but not total control over the investee.

Deferred Income Tax

An accounting concept that represents the difference between taxes payable and tax expense due to timing differences in recognizing revenues and expenses.

Tax Rate

The rate at which taxes are levied on an individual or a company's income.

Equity Method

An accounting technique used to record investments in other companies, where the investment is significant but does not result in full control or majority ownership, typically 20% to 50% of the investee's voting stock.