Kelly borrows $12,000 from Terry Oswald to pay for her mother's surgery. The debt-repayment period is 15 months, but Kelly manages to repay it in 11 months
Which of the following must be filed by Oswald after receiving the final installment of his money?
A) financing statement
B) statement of collateral claim
C) termination statement
D) continuation statement
C
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Which of the following is not true? Firms recognize revenue
a. when they have completed an earnings process or performed most or all of their obligations to customers, usually the delivery of a product or service. b. when they have received cash. c. using the percentage-of-completion method when the firms sell products under long-term contracts, such as construction companies. d. using the completed contract method [U.S. GAAP, only] when firms cannot reasonably estimate revenues and costs. e. using a variant of the cost-recovery method [IFRS, only] when firms cannot reasonably estimate revenues and costs.
Lorna Smith decided to start her own CPA practice as a professional corporation, Smith CPA PC. Her corporation purchased an office building for $35,000 that her real estate agent said was worth $50,000 in the current market
The corporation recorded the building as a $50,000 asset because Lorna believes that is the real value of the building. Which of the following concepts or principles of accounting is being violated? A) cost principle B) economic entity assumption C) monetary unit assumption D) going concern assumption
Identify four ways a trust can be terminated
Metamorphic code is software that can be shipped unchanged to a heterogeneous collection of platforms and execute with identical semantics
Indicate whether the statement is true or false.