What Was the Court's Ruling in Fambrough V

question 34

Multiple Choice

What was the court's ruling in Fambrough v.Wal-Mart Stores,Inc. ,the case in the text regarding an effort by users of an ATM machine to recover fees charged when using the machine at Wal-Mart stores?

• A)Since Wal-Mart employees could testify that a warning was posted on the ATM machines that a fee will be charged,Wal-Mart was not liable.
• B)Although Wal-Mart employees had no personal knowledge of whether a warning that a fee would be charged was posted on the outside of the ATM machines,Wal-Mart was still protected by the Safe Harbor defense.
• C)Since Wal-Mart employees had no personal knowledge of whether a warning that a fee would be charged was posted on the outside of the ATM machines,Wal-Mart was not protected by the Safe Harbor defense.
• D)Since Wal-Mart posted a warning on the ATM machines that a fee will be charged,Wal-Mart was not liable.
• E)Since Wal-Mart posted a warning on the ATM machines that a fee will be charged,Wal-Mart was protected by the Safe Harbor defense.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts and prepare the company's books for the next period.

Income Summary

A temporary account used in closing process to summarize the results of a period's revenues and expenses.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Entry

An accounting action that transfers the balances from temporary accounts to permanent ones at the end of an accounting period.