Garth owns two all-terrain vehicles (ATVs), worth $1,000 and $500, respectively. Helen agrees to buy "Garth's ATV" for $750 . Garth believes, in good faith, that he is selling the $500 ATV. Helen believes, in good faith, that she is buying the $1,000 ATV. In this situation
a. Garth is entitled to $750 for the $500 ATV.
b. Helen is entitled to the $1,000 ATV for $750.
c. Helen must buy both ATVs for $1,500.
d. there is no contract.
d
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For share appreciation rights (SARs) compensation plans where the employee is expected to receive cash on the exercise date, the account that is credited in the year-end adjusting journal entry to recognize the compensation expense is
A) Deferred Compensation. B) SAR Compensation Payable. C) Common Stock Option Warrants: SARs. D) Compensation Expense.
Craig Marks, CPA performs an audit of Treasure, Inc, which keeps its financial statements on the tax basis of accounting. Craig is aware of this fact and audits the financial statements on the criteria of the tax basis. What type of engagement is this?
a. This engagement is not permitted by the AICPA. b. This engagement is an audit that will result in the issuance of a special report. c. This engagement is a compilation. d. This engagement is only performed by tax accountants who do not provide attest services.
Debt financing does not involve:
A. Interest-bearing loan B. Obligation to pay back the total amount of funds borrowed C. Equity give-up D. A fee (the interest rate)
Visible diversity refers to:
a. Characteristics that are observable; readily detectable attributes such as race, gender or physical disability b. Underlying attributes such as religious, education, and tenure within the organization c. Cultural practices in the workplace d. Work teams that have diverse composition