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The matching principle requires that revenue not be assigned to the accounting period in which it is earned.
Magnuson-Moss Warranty Act
A federal law established in 1975 to improve the clarity and understanding of warranties for consumers, making warranties on consumer products more understandable and enforceable.
Implied Warranties
Legal guarantees that are not explicitly stated but are assumed in transactions, promising that goods are of a certain quality.
Warranty Terms
Conditions and promises made by a seller or manufacturer concerning the quality, functionality, or lifespan of a product.
Truth In Lending Act
A law at the federal level aimed at fostering the knowledgeable use of consumer credit through mandates on disclosing its conditions and expenses.
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