In Which of the Following Circumstances Would the Bailee Be

question 35

Multiple Choice

In which of the following circumstances would the bailee be expected to exercise ordinary care?

• A) Harold promises to look after Kate's puppy in exchange for her cleaning his car.
• B) Dave looks after Stacey's dog while she is on vacation with her friends.
• C) Nigel borrows a rare book from his professor to write a class report.
• D) Melissa helps old Mrs.Henderson clean her garage on Sunday afternoon.

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Definitions:

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.

FIFO Costing Assumption

An inventory valuation method that assumes the items purchased or produced first are sold first, thereby calculating the costs based on earliest prices.

Income Taxes

Taxes levied by governments on the income generated by individuals or businesses.

LIFO Assumption

A method of inventory valuation where the last items placed into inventory are the first ones to be used or sold.