Chapter 16-1. Chapter 16-2 CHAPTER 16 PROCESS COSTING PROCESS COSTING Accounting, Fouth Edition.
Chapter 16
description
Transcript of Chapter 16
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CHAPTER 16
Lindsay Whipple
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TRUE OR FALSE: A FRIEND BORROWING A HEDGE TRIMMER FROM YOU IS A GOOD EXAMPLE OF A BAILMENT FOR THE SOLE BENEFIT OF THE BAILOR
True False
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TRUE OR FALSE: A REDUCTION OF THE DUTY OF CARE IMPOSED BY LAW ON A MERCHANT MAY BE ACHIEVED BY USE OF A DISCLAIMER
True False
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TRUE OR FALSE: THE BAILOR IS THE PARTY WHO GIVES UP POSSESSION OF THE PROPERTY True False
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COMMON CARRIERS MUST EXCERSIZE ___ CARE TOWARDS ITEMS BAILED INTO THEIR CARE FOR TRANSPORT
OrdinaryExtraordinaryMinimal
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THE RENTAL OF A TRUCK TO A YOUNG COUPLE TO FACILITATE THEIR MOVE TO A NEW COMMUNITY IS A GOOD EXAMPLE OF: Mutual-benefit bailment Gratuitous bailment
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A BAILEES LIEN ALLOWS THE BAILEE TO RETAIN ___ OF THE GOODS UNTIL BAILEE IS PAID Use Title Possession
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___ OCCURS WHEN THE BAILEE RECIEVES AND ACCEPTS A SYMBOL OF THE PERSONAL PROPERTY
Custody Demurrage Constructive bailments
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CARRIER’S LIEN IS… A fee for use of the transportation vehicl
e when it is not loaded/unloaded on time
Something that retains the goods until charges for transportation and incidental services are paid
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___ MEANS THAT THE BAILEE WILL BE LIABLE IF NEGLIGENT IN SOME WAY Ordinary care Mutual-benefit Bailment
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WHEN ONLY ONE OF THE PARTIES BENEFIT FROM THE BAILMENT, A ___ ARISES Extraordinary bailment Gratuitous bailment
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A ___ IS A SIGN, LABEL, OR WARNING REDUCING THE BAILEE’S DUTY OF CARE Bailee’s liens Disclaimer Doctrine of capture
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AN INDUSTRY MAY SEEK TO AVOID THE DUTY OF CARE ESTABLISHED BY THE COMMON LAW BY…
Creating a disclaimer Lobbying for legislation with a state/reg
ulatory body
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WHEN A FRIEND OR RELATIVE BORROWS EQUIPMENT AND OTHER PERSONAL PROPERTY FROM ONE ANOTHER WITHOUT CHARGE IS IS… Gratuitous bailments for the sole benefit
of the bailee
A mutual benefit bailment
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TRUE OR FLASE: INVOLUNTARY BAILENTS MAY ARISE WHEN MAIL IS DELIVERED TO THE WRONG ADDRESSEE? True False
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TRUE OR FLASE: BOTH THE BAILOR AND BAILEE DO NOT OWE VARIOUS DUTIES AT LAW IN ORDER TO ENSURE THE SUCCESS OF THE BAILEMENT True F
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TO HAVE TEMPORARY CONTROL OF ANOTHER’S PERSONAL PROPERTY YET NOT HAVE A BAILMENT IS TO HAVE… A constructive bailment A demurrage Custody
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TRUE OR FALSE: DEATH, INSANITY, OR BANKRUPTCY ARE NOT REASONS TO END A RELATION WHEN A BAILEE’S DUTY IS NOT PREFORMED
True False
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TRUE OR FALSE: IN ACTUAL BAILEMENTS, BAILEES RECEIVE AND ACCEPT THE GOODS THEMSELVES
True False
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A SIGN, LABEL, OR WARNING REDUCING THE BAILEE’S DUTY OF CARE IS.. Bailee’s liens Disclaimer
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TRUE OR FALSE: IN A MUTUAL-BENEFIT BAILMENT, THE BAILOR’S MAIN DUTY IS TO PROVIDE GOODS FIT FOR THE INTENDED PURPOSE
True False
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INCORRECT
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CORRECT
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