5. Which of the following remedies available to the seller for the breach of contract of sale committed by the buyer is correct?

Q: 23.A merchant makes an implied warranty of merchantability every time he or she sells goods(unless…

A: Merchantable means marketable or sellable , it means goods are in such a condition that it is ready…

Q: What corrective action can be taken for customers whose outstandingbalances do not adhere to our…

A: Credit to Customers:   It is the facility extended by the vendor to the customer to resolve the…

Q: Ways that a lender may respond to a defaulted loan without resorting to foreclosure include all of…

A: ExplnationThe lender's response options to a defaulted loan often involve alternatives to…

Q: If goods that are the subject of a sales contract are lost, damaged uno fault of nith pone

A: payment responsibility refers to the obligation of an individual or entity to pay for a product or…

Q: If a product is shipped FOB (destination) and is destroyed in transit, who will pay for the loss?…

A: FOB Destination point: Under this term, the seller remains the owner of the goods until the goods…

Q: Amina borrowed 60,000 SR on January 1, 2020, from the local bank to expand its building. The funds…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: If, after collateral is repossessed and sold, there is money left over (a surplus), that money…

A: People raised funds from the financial institution and for that loan to be secured, financial…

Q: Suppliers offer O risky O trade O unconditional secured credit to their customers.

A: Suppliers are the creditors who sell goods to their customers on their account. This ledger is…

Q: Wrong classification of imported goods may lead to   a. Goods being shipped to wrong address. b.…

A: Solution: Custom duty rates on imports vary from product to product. Therefore it is necessary that…

Q: Ways that a lender may respond to a defaulted loan without resorting to foreclosure include all of…

A: In the context of a lender's response to a defaulted loan, the options provided in the…

Q: Does this transaction meet the requirements of a valid Murabaha contract? Explain your answer.

A: In islamic finance Riba (interest) is prohibited as per sharia law. So for the financing of loan for…

Q: Which of the following is an example of a transactional negotiation? O A seller says that a buyer…

A: Transactional negotiation refers to a negotiation in which two or more parties attempt to find a…

Q: 49. You have a first time homebuyer who is going to settle on the purchase of a $156,000 home with a…

A: Loan-to-Value: A financial ratio that compares the amount of money being borrowed to the market…

Q: Why should an individual not use an installment sale as opposed to a cash sale?

A: Under the normal method of accounting cash is collected from sale of goods or services and…

Q: When the price of a sale with right to repurchase is unusually inadequate

A: Equitable mortgage refers to the transfer of title deed by the owner to the lender for the purpose…

Q: Using the Traditional Sales Comparison Approach, an appraiser would not adjust the sales price of…

A: Traditional Sales Comparison Approach: It is referred to as the sales comparison methodology in real…

Q: In a destination contract for the sale of goods, which of the following is true concerning when the…

A: A destination contract is a contract made for the sales of goods under which the seller promises to…

Q: If called by a merchandiser, you should be skeptical of all of the following except: a last chance…

A: Merchandiser are those person who provide goods and services to the company on credit or cash.

Q: In performing a contract of sale of goods, there may be a situation where the seller fails to…

A: A contract for the sale, sales contract, customer orders, or collective bargaining agreement for…

Q: What is difference between accounting for a long-term contract and accounting for a more normal sale…

A: Sale Revenue is recognized when the goods are actually dispatched and delivered to the customer. In…

Q: Unsecured creditors: have rights to be paid amounts owed, but the rights may have to be enforced…

A: Correct option is 1. i.e unsecured creditors have rights to be paid amounts owed, but the rights may…

Q: Which of the following statements is not correct? Multiple Choice   Price discrimination is the…

A: The objective of the question is to identify the incorrect statement among the given options related…

Q: Explain the argument for and against the use of net price method with respect to purchase discounts?

A: The Net Price Method (NPM) provides information about the purchase discounts lost by the company and…

Q: If a company sells a product, and gives the buyer the right to return the product within a specified…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: or single periodic rental in an instalment sale or finance lease of personal property assuming a…

A: Instalment sale or finance lease of personal property: The instalment sale or finance lease of…

Q: Which of the following conditions would violate the revenue recognition principle? Revenue is…

A: Revenue: This is the income of a firm during an accounting period. The income is recognized as and…

Q: Forward contract is both a blessing and a curse because sometimes you feel that you should not have…

A: The contract between two parties (buyer or seller) in order to buy or sell the specific assets…

Q: An automatically perfected security interest in consumer goods when a merchant or lender offers…

A: There are different ways to obtain the loan using collaterals.

Q: 1. What is the opportunity cost of not taking advantage of the discount associated with purchases…

A: The potential gains that individuals, investors, or corporations forego while selecting one choice…

Q: Explain the most important considerations when deciding whether or not to accept a special order at…

A: Profit maximisation is the main aim of any business. So…

Q: t is generally agreed that sales revenue should only be ‘realized’ and so ‘recognized’ in the…

A: Accrual Basis of Accounting:Accrual Basis of accounting refers to the accounting, where the…

Q: What is a wash sale, and why are losses from wash sales disallowed?

A: The wash sale seems to be a transaction where an investor sells lost security at the end of the…

Q: Hooker Credit gives value to Henry's Furniture, Inc. by underwriting their sale of goods on credit.…

A: Creating an enforceable security interest is an important legal concept, particularly in the context…

Q: What is the fair market value of an item? a)the amount that a buyer would pay for the item under a…

A: The Fair Market Value (FMV) refers to the current price that an interested buyer in the open market…

Q: Finance State whether you agree or disagree with the following statement. "If you decide against…

A: Bankruptcy cost is something when a company mainly and solely depended on debts and used more amount…

Q: The major criticism of the lower of cost or market rule for valuation of inventory is that

A:

Q: Which one among the following conditions is NOT a condition of Murabaha:   - Payment may be made…

A: Murabaha, also known as cost-plus finance, is an Islamic financing system in which the buyer and…