The automatic perfection rule applies only to a purchase money security interest in consumer
goods.
Indicate whether the statement is true or false
TRUE
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A ____ is a document that reflects the revenues and/or costs that are under the control of a particular manager
a. quality audit report b. responsibility report c. performance evaluation report d. project report
JIT and TQM are part of ______ certification.
a. ISO9000 b. ANSI9000 c. SAI9000 d. ASQ9000
Preprinted forms whose terms the consumer cannot negotiate, and must sign in order to obtain a product or service are referred to as ________
A) contracts of adhesion B) quasi-contracts C) contracts in restraint of trade D) voidable contracts
Grimes Corporation reports the following cash transactions for the year ending December 31, Year 1, its first year of operation:1) Issued common stock for $35,0002) Borrowed $25,000 from a local bank3) Purchased land for $40,0004) Provided services to clients for $38,0005) Paid operating expenses of $30,5006) Paid $2,000 cash dividends to stockholdersRequired: a) What are the total assets for Grimes Corporation at December 31, Year 1?b) Prepare an income statement for Year 1.
What will be an ideal response?