Standard Provisions in a Contract That Are Often Listed Under

question 5

Multiple Choice

Standard provisions in a contract that are often listed under the heading "Miscellaneous" are called

• A)boilerroom.
• B)boilerplate.
• C)boilerpot.
• D)boilertape.

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Definitions:

Interest Payable

The amount of interest expense that has accumulated but has not been paid by the end of the accounting period.

360-Day Year

An accounting assumption that a year consists of 360 days, which simplifies interest calculation by assuming each month has 30 days.

Warranty Expense

Costs a company incurs due to honoring a product warranty, covering repair and replacement of faulty products.

Warranty Repairs

Services provided to fix or replace products that fail to perform as expected within a given warranty period, usually at no cost to the customer.