Under the CISG, in the event of breach, the parties:
a. may immediately move for damage remedies
b. may move for damages after a 30-day rectification period
c. must be given a notice of breach and a chance to cure the problem d. may not sue for damages, only cease dealings
e. none of the other choices
c
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Which of the following statements is true?
a. The method of preparing the operating activities section of a statement of cash flows which adjusts net income to remove the effects of deferrals and accruals for revenues and expenses is the direct method. b. The method of preparing the operating activities section of a statement of cash flows which reports major classes of gross cash receipts and cash payments for revenues and expenses is the indirect method. c. The FASB prefers the indirect method of preparing the operating activities section of the statement of cash flows. d. Most companies use the indirect method of preparing the operating activities section of the statement of cash flows.
What form of evidence is used by the auditor to verify bank reconciliation items?
a. Cash counting observation. b. General ledger. c. Bank confirmation d. Cutoff statement.
The ________ was a document that restricted the newly created U.S. federal government from levying and collecting taxes, regulating commerce with foreign countries, and regulating interstate commerce.
A. U.S. Constitution B. Declaration of Independence C. Bill of Rights D. Articles of Confederation
Nice International originally issued 105,000 shares of common stock at a price of $22 per share. A year later, it distributed a 12% stock dividend to shareholders. At the time of the stock dividend, the share price had increased to $27 per share. Which of the following statements is TRUE?
A) Nice will record sales revenues of $277,200. B) Nice will record a loss of $63,000. C) Nice will record a gain of $63,000. D) Nice will record neither a gain nor a loss.