Which of the following is true regarding the implied warranty of fitness for a particular purpose?

A) It applies in every case in which an express warranty arises.
B) It applies in every case in which an implied warranty of merchantability arises.
C) It applies in every case in which either an express warranty or an implied warranty of merchantability arises.
D) It applies in every sales transaction involving a merchant.
E) It applies when the seller knows why the buyer is purchasing the goods,and that the buyer is relying on him or her to make the selection.

​Which of the following statements is true

A) A firm should increase quantity as long as average cost is greater than price​
B) A firm should increase quantity as long as price is greater than marginal cost
C) A firm should increase quantity as long as price is higher than average cost,regardless of the marginal cost
D) ​A firm should increase quantity as long as marginal cost is greater than price

In a job-order costing system, the amount of overhead cost that has been applied to a job that remains incomplete at the end of a period is:

A) transferred to Finished Goods at the end of the period.
B) closed to Cost of Goods Sold.
C) deducted on the Income Statement as overapplied overhead.
D) part of the ending balance of the Work in Process inventory account.

A local Chamber of Commerce plans a seminar on "the social responsibility of business in our community." What does that term reference?

A) The responsibility of business to make profit for shareholders.
B) The responsibility of business to have annual meetings.
C) The expectations that the community imposes on firms doing business inside its borders.
D) The expectations of employees regarding wage rates.
E) The expectations of management in regard to adequate utility resources.

Which of the following is a difference between individual learning and organizational learning?

A) The individual learning process is cognitive, whereas organizational learning depends more on social processes.
B) Unlike organizational learning, individual learning depends on sharing of information.
C) Individual learning involves a shared vision, whereas organizational learning involves the different goals of employees.
D) Unlike organizational learning, individual learning involves the acquisition of new knowledge.

Briefly explain the four steps in process costing with work in process inventories.