Another name for the assignor is the obligor
Indicate whether the statement is true or false
F
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David borrowed $120,000 for his business to be repaid in six equal annual installment. The lender charges 6.5 percent interest on the amount of the loan balance that is outstanding at the beginning of each year. The interest component in the amount of the annual installment will be the smallest at the end of:
A. sixth year. B. first year. C. third year. D. fourth year. E. fifth year.
The sales volume variance is the difference between the ________
A) actual results and the expected results in the flexible budget for the actual units sold B) expected results in the flexible budget for the actual units sold and the static budget C) static budget and actual amounts due to differences in sales price D) flexible budget and static budget due to differences in fixed costs
Which of the following statements is true regarding an agency by estoppel?
a. The principal is liable to a third party who has a reasonable belief that an agency has been created. b. The principal is never liable because her identity is undisclosed to the third party. c. An agency by estoppel is a legitimate agency based on a contract between the principal and the agent. d. An agent lacks right to compensation in an agency by estoppel.
In accounting, the recording of the cost of goods sold occurs at the time of the sale, but the cash flow may take place over an extended time period
Indicate whether the statement is true or false.