The criteria for recognition of a liability include which of the following?
a. The obligation represents a present obligation, not a potential future commitment or intent.
b. The obligation exists as a result of a past transaction or exchange, called the obligating event.
c. The obligation requires the probable future sacrifice of an economic resource that the firm has little or no discretion to avoid.
d. The obligation has a relevant measurement attribute that the firm can quantify with sufficient reliability.
e. all of the above
E
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Which of the following terms refers to the point in the transaction where the risk of loss or damage to the goods is transferred from the seller to the buyer?
A. demurrage B. ad litem C. contra legem D. delivery
The Gadget Company manufactures a wrist watch for spy agencies. The watch has a built-in cell phone, Geiger counter, compass, magnet and garroting wire. Forecasted sales are shown on the top row of the table
Forecasted cash inflows and outflows are also shown in the table. The cash balance at the end of May is $30,000. What is the cash balance at the end of June? Sales Forecast Cash Budget The Gadget Company April May June Sales forecast $30,000 $30,000 $30,000 Total Cash inflows $30,000 $30,000 $30,000 Total Cash Outflows $13,750 $13,750 $13,750 Net cash flow Beginning Cash Balance Plus: Net Cash Flows Ending Cash Balance $30,000 A) $36,750 B) $42,250 C) $46,250 D) $46,750 E) $50,000
The low level of interest rates around the globe in recent years, combined with slowing economic growth and new debt issuances, has had a dampening impact on the swap market
Indicate whether the statement is true or false.
A contract is indivisible if it can be performed in ways other than as an entity
Indicate whether the statement is true or false