Harry assigns his rights under a contract with Irma to his college roommate, Jake. Neither Harry nor Jake notifies Irma of the assignment. The assignment
A. will not be effective until notice is given to Irma.
B. will become effective after thirty days even if no notice is given to Irma.
C. is effective immediately.
D. is invalid.
Answer: C
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Which of the following statements regarding cash flows is true?
A) Many managers consider cash flow budgets to be the least important of all the budgets. B) As long as accounting revenues exceed accounting expenses, cash flow budgets do not have to be prepared. C) It is possible for cash receipts to exceed revenues earned in a given month. D) As long as a manager is confident that there will eventually be a cash receipt from a customer, the timing of the cash receipt is not important.
Why is changing a problem culture one of the toughest management tasks? Explain and justify your answer.
What will be an ideal response?
If Jett Corporation receives a charter in 2016 but does not begin operations and file its first tax return until 2018, Jett may elect a fiscal year on the 2018 return.
Answer the following statement true (T) or false (F)
Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. Use only one letter for each element. You do not need to enter amounts.Increase = IDecrease = DNo Effect = NThe Premier Corporation began operations on January 1, Year 1 by issuing 10,000 shares of no-par stock for $22 per share. Indicate the effects of this transaction on the financial statements.AssetsLiabilitiesEquityRevenuesExpensesNetIncomeCash Flow? ?????
What will be an ideal response?