A promotional item offered to buyers of specific products is called ________. Group of answer choices a service-type warranty an assurance-type warranty an accretion a premium
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- Which one of the following options is correct for a journal entry creating provision for warranty expenses?Select one:a. Correct option is not listed in hereb. Warranty provision Dr , Warranty expenses Crc. Warranty expenses Dr , Warranty provision Crd. Warranty Expenses Dr, PAYG tax Cr, Warranty Provision CrA(n) __________ warranty is a warranty in which the seller promises the customer that the good or service will function as specified in the contract amounts. a.promise-type b.assurance-type c.service-type d.functional-typeFAST The recording of a product warranty expense in the year the merchandise under warranty is sold is supported by the a. Business entity concept b. Matching principle c. Recognition principle d. Realization principle
- Which of the following is an account used in applying the Sales Warranty Approach, but not the Expense Warranty Approach? Select one: O a Estimated liability under warranties Ob. Warranty Expense Oc Unearned Warranty Revenue O d. Prepaid Warranty ExpenseWhich of the following represents amounts owed for goods, supplies, or services purchased? Group of answer choices customer-related payable accounts payable liability for compensated absences bonds payableMiracle company premium warranty solution
- Determine if this shall result in recognition of liabilities 19.Sale of gift certificates redeemable in merchandise a. yes b. noA term paper on Warranty AnalysisWhich of the following situations may give rise to unearned revenue? Select one: a. Providing trade credit to customers. O b. Providing manufacturer warranties. c. Selling magazine subscriptions. O d. Selling inventory.
- What section of FASB provide guidance on referral credit paid to customers?te of insurand O D. policy form 21. What is the form that filled out by insured if a loss is suffered? * O A. Loss form B. Completion notes C. Endorsement D. Claim form 22. is the application document used for making the proposal.15. If an entity gives a product warranty that has been issued directly by a manufacturer, dealer or retailer, which IFRS is likely to cover this warranty? a. IAS 32 Financial instruments - Presentation b. IAS 37 Provisions, contingent liabilities and contingent assets c. IFRS 17 Insurance contracts d. IFRS 9 Financial instruments 16. IFRS 17 provides that insurance contracts should a. Be covered by IAS 32 and IFRS 9 b. Comply with all existing IFRS c. Generally continue to be subject to existing accounting policies. d. Comply with the IFRS Framework document. 17. An insurance contract can contain both deposit and insurance elements. An example might be a reinsurance contract where the cedant receives a repayment of the premiums at a future date if there are no claims under the contract. Effectively this constitutes a loan by the cedant that will be repaid in the future. IFRS 17 requires that a. Each payment by the cedant is accounted for as loan advance and as payment for insurance…