Chaps 19 & 20 Performance & Breach of Sales and Lease Contracts / Warranties & Product Liability
1. What are the respective obligations of the parties under a contract for sale or lease of goods?
The respective obligations of the seller is to transfer and
CHAPTER 10 REPORTING AND ANALYZING LIABILITIES
CURRENT LIABILITY a debt that a company reasonably expects to pay
1. From existing current assets or through the creation of other current
2. Within one year or the operating cycle, whichever
Chapter 4 - Accrual Accounting Concepts
Revenue Recognition Principle companies recognize revenue in the period in
which the performance obligation is satisfied. When you earn the money do the
Expense Recognition Principle when incurred. Match with
BUSINESS LAW I
There is really no reason to be acquainted with business laws and gov-ernment regulations,
except to pass this test. False
Law consists of enforceable rules governing relationships among individuals and between
CHAPTER 6 REPORTING AND ANALYZING INVENTORY
CLASSISFYING AND DETERMINING INVENTORY
Work in Process
Just in Time JIT Inventory
FOB Shipping Point
CHAPTER 7 FRAUD, INTERNAL CONTROL AND CASH
FRAUD - is a dishonest act by an employee that results in personal benefit to the
employee at a cost to the employer.
Motive financial pressure
Rationalization or Lack of Integrity
CHAPTER 11 REPORTING AND ANALYZING STOCKHOLDERS EQUITY
Corporate Form of Organization
Profit vs. non-profit
Public vs. Private
Characteristics of a corporation
Separate legal existence
Limited Liability of stockholders
Transferable ownership rights
THE ACCOUNTING INFORMATION SYSTEM
THE ACCOUNTING EQUATION MUST ALWAYS BALANCE!
Illustration 3-2, page 104. VERY IMPORTANT. NEED TO UNDERSTAND!
BE SURE TO GO OVER EACH OF THE EVENTS starting on page 104.
Do you understand the DO IT on page 110?
Types of Business Organizations and the advantages and disadvantages
Who uses financial statements and what do they expect from them
Financing, Investing and Operating Activities
You should know the difference and what type
BUSINESS LAW I
EXAM 3 2014
TRUE OR FALSE
1. Privity of contract establishes the basic concept that third parties have no rights
in contracts to which they are not parties. True
2. In an assignment, the party receiving the rights is known as the
Law- A body of enforceable rules governing relationships among individuals and
between individuals and their society
o Some societies have unwritten principles of behavior
o Our rules in the USA are made up of written laws and court decisions
CHAPTER 5 Merchandising Operations and the multiple step
A merchandising company has two categories of expenses: the cost of goods sold
and operating expenses.
COST OF GOODS SOLD is the total cost of merchandise SOLD DURING THE PERIOD.
Business Law I ~ Chapters 3 & 4, Courts/ADR, Torts & Cyber Torts
1. What is the difference between a trial court and an appellate court?
Trial court is where the original jurisdiction case started & appellate court is where the
court has the power to hear
Discussion Forum for Chap 23.
1. What three requirements must be met to create an enforceable security interest?
The three requirements that must be met to create an enforceable security interest
1. Either: oral agreement and possession of a written
Sec. Interests in Pers. Prop. / Other Creditors' Remedies and Suretyship (2014) Quiz 23 & 24 DUE 12/7
The person who owes the payment of a secured obligation is the secured party. B) False
To create an enforceable security interest, the secured party must
1. What is precedent? Under what circumstances may a court depart from precedent?
When the court has furnished an example or ascendancy for deciding subsequent cases,
identical or kindred, licit principals or facts.
It would peregrinate a
1. A negotiable instrument is a signed writing record that contains an unconditional promise
or order to pay an exact sum on demand or at a specified future time to a specific person
or order, or to a bearer (Miller 474). For an instrument to be negotiabl
A FURTHER LOOK AT FINANCIAL STATEMENTS
CLASSIFIED BALANCE SHEET
SEE Illustration 2-1, page 48 for categories and Illustration 2-2.
Operating Cycle and short and long-term
Depreciation and Accumulated Depreciation.
CHAPTER 8 REPORTING AND ANALYZING RECEIVABLES
Loans to Officers
Advances to Employees
Interest on an Accounts Receivables see page 400
WRITING OFF UNCOLLECTIBLE ACCOUNTS:
CHAPTER 9 REPORTING AND ANALYZING LONG-LIVED ASSETS
Plant Assets are resources that have physical substance (a definite size and shape),
are used in the operations of a business, and are not intended for sale to customers.
The historical cost principle re
BUSINESS LAW I
TRUE OR FALSE
Some promises create moral, but not legal, obligations. True
A promise is a declaration that something will or will not happen in the future. True
For an offer to be effective, the offeror must have
BUS 121-02 BUSINESS LAW I SYLLABUS
DEPARTMENT OF BUSINESS AND LAW
SCHENECTADY COUNTY COMMUNITY COLLEGE
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