Which is true about fixtures?
A) If an item is a fixture, it is personal property.
B) "Trade fixtures" are generally a part of the associated real property.
C) A fixture is personal property that has become real property, and an important aspect of
whether an item is a fixture is whether the real property would be damaged upon the
item's removal.
D) The seller of property generally keeps the fixtures when the property is sold.
C
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More than half of all U.S. dollars can be found
A. in foreign countries. B. in the United States. C. in the underground economy. D. in bank vaults.
In a perfectly matched hedge of fixed-rate debt using an interest rate swap, the effect of a change in fair value of the derivative on the income statement
A) is always a gain. B) may be a gain or a loss. C) is zero. D) is always a loss.
Castillo Services paid K. Castillo, the sole shareholder of Castillo Services, $5,700 in dividends during the current year. The entry to close the dividends account at the end of the year is:
A. Debit Dividends $5,700; credit Cash, $5,700 B. Debit Dividends $5,700; credit Retained earnings $5,700 C. Debit Retained earnings $5,700, credit Salary Expense $5,700 D. Debit Retained earnings $5,700; credit Dividends $5,700 E. Debit Income Summary $5,700; credit Retained earnings $5,700
Secured loans, such as for most mortgages, in which the lenders may not go after other assets if the foreclosed asset brings an insufficient amount to cover the outstanding debt when sold at auction are referred to as?
A) ?foreclosure free. B) ?limited recourse loans.. C) ?nonrecourse loans. D) ?upside down.