If you want to borrow money from the cash value of your whole life policy, the interest rates are relatively high and the terms of the loan are quite strict
Indicate whether the statement is true or false.
Answer: FALSE
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For the year ended December 31, a company had revenues of $205,000 and expenses of $123,000. $41,000 in dividends were paid during the year. Which of the following entries could not be a closing entry?
A. Debit Income Summary $123,000; credit Expenses $123,000. B. Debit Retained earnings $41,000; credit Dividends $41,000. C. Debit Income Summary $205,000; credit Revenues $205,000. D. Debit Income Summary $82,000; credit Retained earnings $82,000. E. Debit Revenues $205,000; credit Income Summary $205,000.
Which of the following is an expense that results from the usage of a natural resource?
A) depletion B) amortization C) depreciation D) obsolescence
Which of the following is correct with regard to express warranties?
A) Commendations or puffing of the goods do not create an express warranty. B) It is always easy to distinguish between a statement of fact and an opinion. C) Manufacturers are usually liable for express warranties made by retailers. D) A statement of the value of goods will create an express warranty.
All exchange rate regimes must deal with the trade-off between rules and discretion as well as between cooperation and independence
Indicate whether the statement is true or false.