Which of the following describes the effects of a claims exchange transaction on a company's financial statements? Assets=Liab.+EquityRev.?Exp.=Net Inc.Stmt of Cash FlowsA.NA=NA+NANA?NA=NA+OAB.+=++NANA?NA=NA+OAC.NA=++?NA?+=?NAD.All of these could represent the effects of a claims exchange transaction.
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
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Mr. John, aged 58, has not completed his college education. He has been working in an automobile firm for the past 20 years. Now, the firm is shutting down operations in Los Angeles and planning to retain only one firm in Mexico. What would be the best path forward for Mr. John?
a. migrate to Mexico so that he could continue to work in the same firm b. identify a new industry where his skill may be of use c. move to another automobile firm within his country d. retrain himself in a new field
The matching principle requires businesses to report Warranty Expense ________.
A) in the same period that the company records the revenue related to that warranty B) in the period prior to which the company records the revenue related to that warranty C) in the period after the related revenue is recorded D) in the long-term assets section of the balance sheet
Which sentence is expressed correctly?
A) The first step in preparing a public speech is to analyze your audience and topic; the second step is to research, organize, and develop the topic; and the third step is to rehearse the presentation. B) The first step in preparing a public speech is to analyze your audience and topic, the second step is to research, organize, and develop the topic, and the third step is to rehearse the presentation. C) The first step in preparing a public speech is to analyze your audience and topic, the second step is to research, organize, and develop the topic and the third step is to rehearse the presentation.
Which of the following is most likely to constitute fraud?
a. A false prediction that a painting's value will rise. b. A false statement that a used car is "the best deal in town." c. A false statement that a $30,000 car attracts members of the opposite sex. d. Silence as to a toxic waste problem on real property that the buyer would not reasonably find.