Question

is a seller's obligation to replace or fix a product (or service) that fails to perform as expected within a specified period.

Answer 1

Seller's obligation to replace or correct a product (or service) that fails to perform as expected within a specified period. To conform with the matching principle, the seller reports the expected warranty expense in the period when revenue from the sale is reported.

What are sales?

• Sales are actions involving the sale of goods or the volume of items sold during a specified time frame.
• A sale also includes the provision of a service for a fee.
• In response to an acquisition, appropriation, request, or a direct connection with the customer at the point of sale, the seller or provider of the products or services completes a sale.
• Title (property or ownership) of the object is transferred, and a price is settled, meaning a price is agreed upon for which the ownership of the item will transfer.

Why are sales important?

• A sale is a transaction in which two or more people trade goods, services, or other assets for cash.
• Sales often occur when a seller and a buyer exchange items or assets for money or other assets.

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