Which of the following is true of a contract of suretyship?
A) There is no debtor in a contract of suretyship.
B) There is no creditor in a contract of suretyship.
C) The suretyship creates an express contract with a creditor, under which the surety is primarily liable.
D) The suretyship creates an express contract with a creditor, under which the surety is secondarily liable.
C
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How does the UCC treat goods that were fraudulently obtained?
What will be an ideal response?
A(n) ____________________ protects against loss prior to an insurance policy being issued
Fill in the blank(s) with correct word
Generally accepted auditing standards established by the AICPA through April of 2003:
A. Were also adopted as international auditing standards at that date. B. Were accepted as interim standards by the Public Company Accounting Oversight Board. C. Are now developed by the Securities and Exchange Commission. D. Provide accounting guidance for nonpublic companies.
Grayson's Guitars issued 50 shares of $14 par common stock in exchange for a piece of equipment with a current market value of $1,000. Which of the following is NOT part of the journal entry for this transaction?
A) Debiting equipment for $700 B) Crediting Common Stock for $700 C) Debiting equipment for $1,000 D) Crediting paid-in capital in excess of par-common for $300