When the Seller's bank guarantees payment under the letter of credit issued by buyer's bank it becomes a(n):
A) confirmed letter of credit
B) irrevocable letter of credit.
C) letter of credit with stipulations.
D) standby letter of credit.
A
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Indicate whether the statement is true or false
The tax assessor for Los Angeles county wishes to tax The Shane Company, a jeweler that owns the air rights for its five story building above a theater on Wilshire Boulevard. The Shane Company insists that it owns no real property
A) The assessor is correct; the air rights are a real property interest. B) The Shane Company is correct; air is not a real property interest. C) The air rights must be taxed as personal property. D) The theater owns the air rights and should be taxed.
An accountant has been engaged to prepare a nonpublic client's financial statements. While preparing the financial statements, the accountant finds a number of material misstatements related to journal entries. The client refuses to correct the misstatements. Which of the following is correct?
A. All regulatory agencies should immediately be notified. B. A report with an adverse opinion should be issued. C. The accountant should prepare the financial statements and present them using the misstated journal entries. D. The accountant should withdraw from the engagement.
The effect of making the slope of a line chart appear steeper can be created by:
a. Stretching the vertical axis. b. Shrinking the horizontal axis. c. Stretching the horizontal axis. d. Both a and b