Under Revised Article 3, a check which meets all the requirements of being a negotiable instrument except that it is not payable to bearer or order is nevertheless a negotiable instrument
Indicate whether the statement is true or false
True
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Which of the following is true of securities brokers?
A. They earn a profit by selling securities for higher prices than they paid to purchase them. B. They collect premiums from policyholders. C. They act as agents for investors who want to buy or sell financial securities. D. They issue new securities to raise financial capital.
Describe the trading blocs that are used in classifying the world's bonds markets
What will be an ideal response?
Financial reporting standards require that joint costs:
A. Be assigned to the product produced in the largest quantity. B. Be treated as a period cost and expensed immediately. C. Be assigned to the product with the highest sales value. D. Be allocated to the two or more joint products.
Answer the following statements true (T) or false (F)
1. Clarissa is a very successful self-employed real estate attorney. She spends $5,000 per year taking her clients out to dinner upon completion of a sale. Unfortunately, Clarissa is not a good recordkeeper and does not maintain receipts. However, such meals are standard practice in her field, and trade journals indicate that $5,000 is a reasonable amount for a successful high-end attorney. Clarissa will be allowed to deduct $2,500. 2. Generally, 50% of the cost of business gifts is deductible up to $25 per donee per year for self-employed individuals. 3. If an employee incurs travel expenditures and is fully reimbursed by the employer, neither the reimbursement nor the deduction is reported on the employee's tax return if reporting is pursuant to an accountable plan. 4. An employer adopts a per diem policy for hotel and meal travel reimbursements for employees, following the IRS tables. Employees will no longer have to submit any documentation. 5. Camellia, an accountant, accepts a new job located 1,000 miles away from her current job location. She has to pay a moving company plus the transportation costs for herself to move to the new location. The new employer does not pay moving costs. Camellia will be allowed a deduction for the work-related move.