__________ liability is the responsibility of an acquirer of corporate assets for the liabilities of the seller
a. Parent
b. Successor
c. Subsidiary
d. Environmental
b
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All transactions refer to external events
a. True b. False Indicate whether the statement is true or false
The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for
A. Not-for-profit organizations. B. State and local government entities and governmentally-related units and agencies, such as utilities, authorities, hospitals, and colleges and universities. C. State and local governments and all not-for-profit organizations. D. Governments such as federal agencies, states, cities, counties, villages, and townships.
Which of the following pairs of accounts could not appear in the same adjusting entry?
A) Service Revenue and Unearned Revenue B) Interest Income and Interest Expense C) Rent Expense and Prepaid Rent D) Salaries Payable and Salaries Expense
The Occupational Safety and Health Administration (OSHA) discovers that Petro Refinery, Inc, is violating an OSHAS regulation. If this situation is resolved like most such disputes, the outcome will be
a. a negotiated settlement. b. a trial and a fine. c. a trial and an appeal to a higher authority. d. a trial and the dissolution of the business.