The doctrine that prevents an injustice due to the promisee's reasonable reliance on the promisor's promise is:
a. detrimental reliance b. promissory reliance c. forced fulfillment
d. promissory binding
e. promissory reasonableness
a
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Julie Webb, CPA takes out an automobile loan with First National Bank of Wellville (FNBW) while attending the University of Wellville. Julie graduates one year later and is hired as an auditor by Best and Driftwood, LLP. Her first assigned audit engagement is with First National Bank of Wellville, a client of Best and Driftwood. As a new audit assistant, Julie continues to pay her automobile loan
payments each month. Which of the following best describes Julie's independence status? a. Impaired because Julie has a direct financial interest in FNBW. b. Impaired because Julie has a material indirect financial interest in FNBW. c. Not impaired because Julie has an immaterial indirect financial interest in FNBW. d. Not impaired because Julie is permitted to take normal loans from FNBW.
The product life-cycle concept from microeconomics and marketing provides useful insights into the relations among cash flows from operating, investing, and financing activities. The _____ phase reflects sales of successful products, and net income turns positive. The firm makes more sales, but it also needs to acquire more goods to sell. Because it usually must pay for the goods it acquires
before it collects for the goods it sells, the firm finds itself often short of cash from operations. The faster it grows (even though profitable), the more cash it needs. Banks do not like to lend for such needs. They view such needs (even though for current assets) as a permanent part of the firm's financing needs. Thus, banks want firms to use shareholders' equity or long-term debt to finance growth in nonseasonal inventories and receivables. a. introduction b. growth c. mature d. late maturity e. decline
A worksheet is an external document that forms a part of the financial statements
Indicate whether the statement is true or false
A times-interest-earned (TIE) ratio that is less than 1 suggests that a firm _____.
A. is using a low proportion of debt financing in its capital structure B. has a low probability of defaulting on its loans C. might not be able to meet its annual interest obligations on its debt D. is financed with equity only E. has an extremely low debt/assets ratio