When the Seller Promises That a Product Is Good for a Particular

question 64

True/False

When the seller promises that a product is good for a particular activity,they are implying the warranty of merchantability.

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Definitions:

Cash Payments Journal

A financial journal that records all cash outflows or payments made by a business.

Subsidiary Ledger

A ledger containing all the details of a general ledger account, allowing for more detailed information and analysis of that account.

Cash Receipts Journal

A specialized accounting journal used to record all cash inflow transactions.

General Ledger

A comprehensive accounting record of all transactions of a company, detailed by accounts.