A contract is __________ if its terms are unduly harsh or oppressive or unreasonably favorable to one side
a. substantively unconscionable
b. procedurally unconscionable
c. procedurally impracticable
d. substantively impracticable
a
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Assume the current ratio is 2 to 1 . Payment on accrued salaries payable would cause the current ratio to
a. increase b. decrease c. be unchanged since the effects offset one another d. be unchanged since it has no impact on any current accounts
Outstanding bonds payable are converted into common stock. Under either the book value or market value method, the same amount would be debited to Bonds Premium on Payable Bonds Payable
a. No No b. No Yes c. Yes No d. Yes Yes
Names of phyla, classes, orders, families, and tribes are _______________
a. always bold faced b. placed in quotation marks c. not italicized d. italicized
A small biotechnology research corporation has been experiencing losses for the first three years of
its existence, and thus has a negative balance in retained earnings. The corporation's stock price, however, is $1 per share. Which of the following statements is MOST correct? A) The required return on the stock will be small because the company has very few assets. B) Investors believe the stock is worth $1 per share because future earnings (and cash flows) are expected to be positive. C) The corporation's accountants must have made a mistake because retained earnings may not be negative. D) Investors are irrational to pay $1 per share when earnings per share have been negative for three years.