Technology Has Found a Place in the Single Life in the Form

question 103

Multiple Choice

Technology has found a place in the single life in the form of:

• A) cell phones.
• B) video games.
• C) Internet dating.
• D) fax machines.

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Definitions:

Warranty Liability

An obligation companies assume when they provide a promise to repair, replace, or refund products that fail to perform as expected.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the appropriate period.

Warranty Contract

An agreement where a seller promises to repair or replace a product if it breaks or malfunctions within a certain period of time.

Warranty Expenses

Costs that a company anticipates it will incur as a result of repairing or replacing products under warranty.