In Merchants Acceptance,Inc

question 49

Multiple Choice

In Merchants Acceptance,Inc.v.Jamison,Jamison ordered encyclopedias and the contract specified that delivery was to be made to Jamison's home.Instead the encyclopedias were delivered to her post office box and she never received them.She refuses to pay for them and is sued.

• A) Jamison must pay because it was her post office box and delivery was close enough to be substantial performance and risk of loss passed to her
• B) Jamison must pay because she easily could have mitigated damages by going to her post office box to pick up the encyclopedias
• C) Jamison does not have to pay because the goods were never tendered to her properly so risk of loss never passed
• D) Jamison does not have to pay because the UCC permits a nonmerchant to cancel contracts with merchants at any time as a consumer protection

Recognize obsolescence and its effect on the depreciation and carrying amount of assets.

Define and calculate total asset turnover and interpret its significance in assessing company performance.

Understand the functionalities and purposes of different Microsoft Office applications.

Recognize and utilize basic navigation features within Office applications.

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Definitions:

Goodwill

An intangible asset that arises when a buyer acquires an existing business, representing the value of the business's reputation, brand, and other non-physical assets.

Acquisition Differential

The difference between the cost of acquiring an entity and the fair value of its identifiable net assets.

Voting Shares

Shares that give the stockholder the right to vote on matters of corporate policy making and the election of the board of directors.

Impairment Loss

A charge recognized when the carrying amount of an asset exceeds its recoverable amount, indicating a permanent reduction in the valuation of a company's asset.