The general rule is that an assignee stands in the shoes of the assignor. He acquires the rights of the assignor but acquires no new or additional rights
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following statements is good advice for those transitioning upward in an organization?
A. Don't try to manage upward or sideways. B. Invent your own kind of management style. C. Maintain good relationships with other departments. D. Enjoy the solitude of upper management positions. E. Focus on the rights and privileges of your new job.
Most audit firms use a schedule to accumulate the known and projected misstatements and the carryover effects of prior-year uncorrected misstatements. Which of the following statements regarding this process is false?
a. Adjustments made to correct the financial statements are referred to as booked. b. Possible adjustments to the financial statements that are left uncorrected are referred to as waived. c. Tax effects are not shown on schedules of correcting errors. d. The nature of the misstatement, as well as the quantitative amount, is considered in the judgment of materiality.
When bonds are retired prior to maturity with proceeds from a new bond issue, gain or loss from the early extinguishment of debt, if material, should be
a. amortized over the remaining original life of the retired bond issue. b. recognized in income from continuing operations in the period of extinguishment. c. recognized as an extraordinary item in the period of extinguishment. d. amortized over the life of the new bond issue.
Widgeon Co manufactures three products: Bales; Tales; and Wales. The selling prices are: $55; $78; and $32, respectively. The variable costs for each product are: $20; $50; and $15, respectively. Each product must go through the same processing in a machine that is limited to 2,000 hours per month. Bales take 7 hours to process, Tales take 4 hours, and Wales take 1 hour. Assuming that Widgeon Co
can sell all of the products they can make, what is the maximum contribution margin they can earn per month? A) $64,000 B) $70,000 C) $56,000 D) $34,000