In which of the following did the Court decide that insurance was interstate commerce when conducted across state lines, and therefore was subject to federal regulation?
A) Paul v. Virginia
B) South-Eastern Underwriters Association case
C) McCarran-Ferguson Act
D) Financial Modernization Act
Answer: B
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The balance sheet reports:
a. the assets, liabilities, gains, and losses for a period of time. b. the changes in assets, liabilities, and equity for a period of time. c. the assets, expenses, and liabilities as of a certain date. d. the probable future benefits, probable future sacrifices, and residual interest for a period of time. e. the financial condition of an accounting entity as of a particular date.
Parson Company issues $500,000 of 30-year, 8 percent bonds at 106. Interest is paid semiannually, and the effective interest method is used for amortization. Assume that the market interest rate for similar investments is 7 percent and that the bonds
are issued on an interest date. a. What amount was received for the bonds? b. How much interest is paid each interest period? c. How much bond interest expense is recorded on the first interest date (after the issue date)? d. What is the carrying value of the bonds after the first interest date (after the issue date)?
Under current GAAP, a company with a complex capital structure and potential earnings per share dilution must present
a. basic and diluted earnings per share. b. primary and fully diluted earnings per share. c. basic and primary earnings per share. d. basic earnings per share and cash flow per share.
Refer to RIP. In terms of the characteristics of quality service, repetitive Japanese manufacturing means many of the Japanese firms are weak in which of the following areas?
a. reliability b. empathy c. responsiveness d. tangibles e. assistance