Answer the following statement(s) true (T) or false (F)
Chapter 7, Chapter 9, and Chapter 11 are the most common forms of bankruptcy.
ANSWER: False
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When buying from a supplier in France, LTD, based in Cleveland, Ohio, has arranged for its bank to pay the supplier the cost of the desired material when it has passed customs in the United States. Which of the following terms is this type of bank promise called?
a. banker's acceptance b. bank trust service c. certified check d. letter of credit e. currency exchange agreement
Which of the following approaches to dealing with crisis situations involves developing a plan based on a problematic issue after it arises?
A) passive B) defensive C) subjective D) reactive E) preemptive
Williams Enterprises prepaid six months of office rent totaling $8,000 on October 1, 2017. Assuming Williams records deferred expenses using the alternative treatment, what would be the entry on October 1, 2017?
A) Debit Prepaid Rent and credit Cash for $8,000 B) No entry is needed until the expense is incurred C) Debit Cash and credit Unearned Rent for $8,000 D) Debit Rent Expense and credit Cash for $8,000
If a principal cannot be contacted in an emergency situation, an agent cannot deviate from previously given instructions
a. True b. False Indicate whether the statement is true or false