Tom rented an apartment from Margaret on a month-to-month basis, with rent due on the first of the month. This type of tenancy is known as a "tenancy at will."
Answer the following statement true (T) or false (F)
False
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Cuero Co reported a net loss of $30,000 for 2015, yet its cash balance increased during the year. Which financial statement should Cuero's management refer to for an explanation of this situation?
a. Balance sheet b. Income statement c. Statement of Retained Earnings d. Statement of Cash Flows
Answer the following statements true (T) or false (F)
1. Available-for-sale debt investments include all trading debt and held-to-maturity debt investments. 2. Controlling interest equity investments are debt securities in which the investor owns more than 50% of the investee's voting stock. 3. Significant influence equity investments are reported as current assets on the balance sheet. 4. No significant influence equity investments generally involve the ownership of less than 20% of the investee's voting stock.
FASB has set forth all of the following conditions for recognizing transfers of receivables as sales only if the following conditions of surrendering control of the receivables are met except:
a. The assets transferred have been isolated from the selling firm. b. The buying firm obtains the right to pledge or exchange the transferred assets, and no condition both constrains the transferee from taking advantage of its right and provides more than a trivial benefit to the transferor. c. The selling firm does not maintain effective control over the assets transferred through (a) an agreement that both entitles and obligates it to repurchase the assets or (b) the ability to unilaterally cause the transferee to return specific assets. d. A creditor of the selling firm can access the receivables in the event of the seller's bankruptcy.
According to integrative social contracts theory, the ethical standards a company should try to uphold
A. should never be absolute but rather always provide some wiggle room according to the circumstances of the situation. B. are governed both by (1) a limited number of universal ethical principles that are widely recognized as putting legitimate ethical boundaries on actions and behavior in all situations and (2) the circumstances of local cultures, traditions, and shared values that further prescribe what constitutes ethically permissible behavior and what does not-but universal norms always take precedence over local ethical norms. C. are governed by the school of ethical universalism. D. should be determined by the company's board of directors. E. are governed by each country's Code of Required Ethical Conduct, which sets forth that each individual/group/business/organization has a "social contract" to observe the ethical and moral standards that the country has adopted.