Examlex
In companiwhere inventoriare at multiple locations, the auditor's observations ordinarily should include:
Implied Warranty
A legal guarantee that a product will meet a minimum level of quality and functionality, assumed in a sale even if not expressly stated.
Express Warranty
An explicit guarantee by a seller regarding the condition, quality, or performance of the product being sold.
Consumer Good
Any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer.
Warranty Of Merchantability
An implied assurance that goods are sufficiently free from defect, fit for the general purpose for which they are sold.
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