What is an antideficiency statute and what does it affect?
What will be an ideal response?
An antideficiency statute is a state law that prohibits deficiency judgments regarding certain types of mortgages, such as loans for the original purchase of residential property. Antideficiency statutes usually apply only to first purchase money mortgages (i.e., mortgages that are taken out to purchase houses). Second mortgages and other subsequent mortgages, even mortgages that refinance the first mortgage, usually are not protected by antideficiency statutes.
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Which statement is true if deciding on the number of scale categories to use in a non-comparative itemized rating scale?
A) If the respondents are interested in the scaling task and are knowledgeable about the objects, a larger number of categories may be employed. B) Space limitations may restrict the number of categories in mail questionnaires. C) If telephone interviews are involved, many categories may confuse the respondents. D) All of the statement above are true.
Nonrecurring items such as extraordinary income and disposal of a segment require separate earnings per share disclosure
Indicate whether the statement is true or false
A company has $104,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 5% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) $940 credit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for:
A. $5153 B. $5247 C. $6140 D. $5200 E. $4260
A buy-and-sell agreement allows shareholders to sell their shares to people other than fellow shareholders or the corporation
Indicate whether the statement is true or false