Hiram, when he assigns to Tim his right to receive the next four rent payments on an apartment he owns, warrants that the tenant will make the assigned payments to Tim
a. True
b. False
Indicate whether the statement is true or false
False
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If Federal Reserve governors can only serve one fourteen-year term, how is it possible that Greenspan joined the Fed in 1987 and did not leave until 2006?
What will be an ideal response?
Two methods are available to prepare the operating activities section of a statement of cash flows. Which of the following statements regarding these two methods is false?
a. If a company uses the indirect method, it must separately disclose the cash payments made for interest and income taxes. b. If a company uses the direct method, it must present a separate schedule which reconciles net income to net cash from operating activities. c. Advocates of the direct method believe that the indirect method reveals too much by telling readers gross amounts of cash receipts and cash payments from operations. d. The FASB prefers the direct method, while most companies use the indirect method in practice.
The cost of a copyright should?
A) ?be amortized over a period not to exceed the life of the author plus 50 years. B) ?be amortized over a period not to exceed 20 years, unless the right is renewed. C) ?not be amortized and the cost should be capitalized as an asset with indefinite life. D) ?be amortized over a period not to exceed its economic life.
Assume that a company received $1,200 in advance for one year membership fee in the fitness center. The entry that would be made to record the recognition of revenue at the end of first month is:
a. Revenue 1,200 Cash 1,200 b. Cash 100 Revenue 100 c. Unearned revenue 100 Revenue 100 d. Revenue 100 Unearned revenue 100