Which of the following is true of monetary damages?
A. Monetary damages are available only for material breaches of contract.
B. Dollar damages are not monetary damages.
C. Compensatory damages are not monetary damages.
D. Consequential damages are monetary damages.
Answer: D
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Tess owns a building in which she rents apartments to tenants and operates a restaurant. Which of the following statements is incorrect?
A. If 60% of Tess’s gross income is from apartment rentals and 40% is from the restaurant, the rental operation and the restaurant business must be treated as separate activities. B. If 95% of Tess’s gross income is from apartment rentals and 5% is from the restaurant, she may treat the rental operation and the restaurant business as a single activity that is a rental activity. C. If 5% of Tess’s gross income is from apartment rentals and 95% is from the restaurant, she may treat the rental operation and the restaurant business as a single activity that is not a rental activity. D. If 98% of Tess’s gross income is from apartment rentals and 2% is from the restaurant, the rental operation and the restaurant business must be treated as a single activity that is not a rental activity. E. None of these is correct.
Often, performance reports are part of a managerial reporting system known as a(n) ______________________________ system
Fill in the blank(s) with correct word
All of the following statements are true except:
a. The threshold for recording items as liabilities is a lower under IFRS than under U.S. GAAP. b. The threshold for recording items as liabilities is a lower under U.S. GAAP than under IFRS. c. IFRS requires a liability to be recorded as a present value amount. d. Under U.S. GAAP, a contingent item should be recorded as a liability if the loss or outflow is probable and can be reasonably estimated.
The cash account is not part of the acquisitions and payment cycle
a. True b. False Indicate whether the statement is true or false