The cash basis recognizes revenue when cash is received and expenses when cash is paid
Indicate whether the statement is true or false
T
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Manjur and Fatima are both 63 years old and have a flourishing business. They decide to purchase a beach house and seek a 15-year mortgage. In this scenario, the lender ________.
A. can grant them credit only for 5 years as the Equal Credit Opportunity Act applies only for 5-year transactions B. cannot deny them credit based on the Equal Credit Opportunity Act C. may deny them credit based on their age and possibility of loss of income at retirement D. may deny them credit based on the Equal Credit Opportunity Act because their application, when compared to more youthful applicants, is not "equal"
On January 1, a company issued a $500,000, 10%, 8-year bond payable, and received proceeds of $473,845. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The amount of interest expense to be recorded on June 30 is $25,000.
Answer the following statement true (T) or false (F)
For how long is the copyright protection provided to individuals under the Copyright Term Extension Act of 1998?
A) Individuals are granted 120 years copyright protection from the year of first publication of the work. B) Individuals are granted 95 years copyright protection from the year of creation of the work. C) Individuals are granted copyright protection for their lifetime plus 70 years. D) Individuals are granted 20 years of copyright protection, after which it has to be renewed for a fee.
The anthropology department of Towers University is doing an excavation on property that belongs to the Browns. If, in the process of excavation, the university finds some valuable lost items, they will belong to the Browns and not to the university
a. True b. False Indicate whether the statement is true or false