When one person agrees to pay the debt of another as a favor to that debtor, it is called
A) promisory representation
B) a mutual promise.
C) promisory estoppel.
D) a collateral promise.
D
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Camp, Inc exchanged an old truck that cost $30,000 (now 50% depreciated) with a current fair value of $18,000 for equipment with an appraised value of $25,000. In addition, Camp paid cash of $6,000. At what value should Camp record the new equipment?
A) $25,000 B) $24,000 C) $22,000 D) $21,000
Company A owns shares of Company B and Company C. The statements of Company B are consolidated with those of Company A. The statements of Company C are not consolidated. Company A reports "Noncontrolling Interest" on its balance sheet. This account represents:
a. A's noncontrolling share of the stock of B. b. A's noncontrolling share of the stock of C. c. the noncontrolling share by outside owners of the stock of A. d. the noncontrolling share by outside owners of the stock of B. e. the noncontrolling share by outside owners of the stock of C.
Which of the following is TRUE of Finished Goods Inventory?
A) Finished Goods Inventory is an account used by a manufacturer and includes completed goods that have not yet been sold. B) Finished Goods Inventory is an account used by a merchandiser and includes completed goods that have not yet been sold. C) Finished Goods Inventory is an account used by service companies in lieu of raw materials inventory. D) Finished Goods Inventory is an account used by a manufacturer in lieu of raw materials inventory.
Industrial products are sold more through _____________ than through advertising.
Fill in the blank(s) with the appropriate word(s).