Which of the following statements is true of novation?
A) Novation is a type of discharge of contract in which the original agreement is substituted with a new one.
B) Novation leads to a change in the contractual duties of the new party.
C) Novation can be carried out only if all the original parties agree to the substitution of new parties.
D) Novation refers to a particular future event that terminates the contract if it does not follow the execution of the contract.
C
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Normally, depreciation calculations are based on the exact number of days the asset is held during the period
Indicate whether the statement is true or false
The number of days' sales uncollected is used to:
A. Measure how many days of sales remain until the end of the year. B. Measure the amount of cash sales during a period. C. Determine the number of days that have passed without collecting on accounts receivable. D. Estimate how much time is likely to pass before the current amount of accounts receivable is received in cash. E. Identify the likelihood of collecting sales on account.
Securities are represented by a certificate and are commonly traded on an exchange
Indicate whether the statement is true or false
How busy is the octogenarian usher described in Scenario B.1?
A) 74% busy B) 83% busy C) 91% busy D) 100% busy