Fair value is defined as:
a. the price that a willing buyer is willing to pay for a business transactions.
b. the sales price associated with an actual or potential business transaction between market participants.
c. the exchange price associated with a business transaction between sales participants.
d. the exchange price associated with an actual or potential business transaction between market participants.
d
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On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be
A) deducted from net income in converting the net income reported on the income statement to cash flows from operating activities B) added to net income in converting the net income reported on the income statement to cash flows from operating activities C) added to dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends D) deducted from dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends
________ is the requirement that a tribunal must have power over the parties before it may hear a dispute
A. Advisory jurisdiction B. Personal jurisdiction C. In personam jurisdiction D. In rem jurisdiction
Common provisions in contracts that modify the perfect tender rule include the following
except: A) The buyer will accept nonconforming goods with an appropriate price concession from the seller. B) The seller has the opportunity to replace nonconforming goods. C) Only the defective goods can be rejected. D) The buyer can reject any or all goods in a nonconforming shipment. E) The seller has the opportunity to repair defective goods.
Examine the following list of "risks." Determine which of these are "pure risks."
I. The risk that your antique Corvette will depreciate in market value II. The risk that you will have a collision in your Corvette, thus causing you to spend thousands of dollars in repair costs III. The risk that someone will steal your Corvette IV. The risk that you will buy a house and lightning will strike your roof, thus causing you to have to purchase a new roof V. The risk that you will invest your life savings in a business venture that fails, thus causing you to lose your entire investment A) I, II, III, IV, and V B) I, II, and IV C) I, II, III, and IV D) II, III, and IV