Bobby Goes to Buy a CD Player from Sammy's Electronics

question 59

Multiple Choice

Bobby goes to buy a CD player from Sammy's Electronics.In testing one model,Bobby notices that the "scan" function does not allow scanning once a selection from a CD is playing.Bobby purchases the model despite this without mentioning the defect to Sammy.Bobby takes the CD player to his office where he uses it for three months before deciding that he wants to return it.Under these circumstances:

• A) Bobby has rejected the CD player.
• B) Bobby has accepted the CD player.
• C) if Bobby informs Sammy of the defect now,he can reject the CD player.
• D) a court will not consider Bobby to have accepted the CD player because it is defective.

Calculate and interpret the current ratio and its implications for a business’s short-term financial health.

Understand the accounting cycle and the steps involved from journalizing transactions to preparing post-closing trial balance.

Distinguish between permanent (real) and temporary (nominal) accounts and their treatment in closing processes.

Grasp the concept of pro forma statements and their purpose in financial planning and analysis.

---

Definitions:

Heckscher-Ohlin Theorem

An economic theory stating that countries export what they can most efficiently and abundantly produce, based on their factor endowments of labor and capital.

Pharmaceuticals

Products and substances manufactured and sold for the diagnosis, treatment, or prevention of diseases and health conditions.

Automobiles

Motor vehicles designed for transporting passengers, commonly on roads, ranging from cars to buses.

Heckscher-Ohlin Theorem

An economic theory stating that countries export goods requiring abundant factors of production they possess, and import goods requiring factors they lack.