Chapter 13 bankruptcy
a. is used by businesses to reorganize their financial situations.
b. is an involuntary bankruptcy.
c. can be used only by individuals with a regular source of income.
d. is used by businesses to liquidate their debts.
c
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An invoice received from a supplier for $8,000 on January 1 with terms 1/15, n/30 means that the company should pay
a. $7,920 before the end of January. b. either $7,920 before January 16 or $8,000 before the end of the month. c. $8,000 between January 2 and January 16. d. $6,800 before January 16.
In a bilateral contract, a promisee's consideration is a return promise.
Answer the following statement true (T) or false (F)
According to the FRC which of the following attributes contributes to the reliability and usefulness of audit reporting?
a. The audit methodology is well structured. b. Quality technical support is available when auditors require guidance. c. Auditors appropriately conclude as to the truth and fairness of the financial statements. d. The audit work is effectively reviewed.
Which of the following represents communication at a group level?
A. A manager addressing his project team in a meeting B. An employee discussing a new technology with his coworker C. A company publishing its annual report on the company website D. An organization advertising its product in magazines