Jack is a guest at Harry's home. While there, he goes into the library and picks up a music box that is part of Harry's collection. Jack overwinds the stem and it breaks. Hoping Harry won't notice, Jack takes the music box for repair to a jeweler who sells similar ones. The jeweler fixes it, but forgets to tag it and an unsuspecting clerk sells it to Robert. Jack is frantic. Can Harry get the
music box from Robert?
a. No, the jeweler gives good title to a bona fide purchaser for value.
b. No, the jeweler was not a merchant with regard to music boxes.
c. Yes, Robert was not a buyer in the ordinary course of business.
d. Yes, Robert has assumed only Jack's title, which is no title at all.
d
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Expected useful life is
a. calculated when the asset is sold b. estimated at the time that the asset is placed in service c. determined each year that the depreciation calculation is made d. none of these
Which of the following would the auditor consider as part of the control environment related to debt obligations?
a. Inquiry of trustee regarding the registration of current bondholders and distribution of interest payments. b. Recalculation of the underwriter's commission. c. Independence of the board of directors with respect to long-term financing. d. Inspection of documentation to confirm refinancing of debt.
Depreciation:
A. Is applied to land. B. Measures the decline in market value of an asset. C. Is an outflow of cash from the use of a plant asset. D. Is the process of allocating the cost of a plant asset to expense. E. Measures physical deterioration of an asset.
The Credit Card Fraud Act does not contain criminal penalties for violations of its provisions
Indicate whether the statement is true or false