Belle enters into a contract to subdivide and sell housing lots in Colin's hillside field if Dell City annexes the property within the next year. Belle's duty to perform is
A. absolute.
B. conditional.
C. illusional.
D. irresolute.
Answer: B
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A lease must be treated as a direct financing lease by the lessor when at least one of the four basic criteria is met, collectability of the minimum lease payments is reasonably assured, no uncertainties surround the amount of the unreimbursable costs, and
A) the lessor is a financial institution. B) the interest revenue element is determined in such a manner as to produce a constant rate of return on the net investment of the lease. C) the lessor does not have a dealer profit or loss. D) the lease agreement contains a provision for unguaranteed residual value.
In 2019, John (52 years old) files as a head of household with one 18-year old dependent (qualifying) child. John is eligible to claim a $700 American opportunity credit for the year. John did not have any taxes withheld by his employer during the year and he did not make any estimated tax payments. After taking credits into account, what is the amount of John's taxes payable or refund, assuming that his AGI is $26,000 (all from salary) and his taxable income is $8,000?
What will be an ideal response?
A company's ledger is:
A. A journal in which transactions are first recorded. B. A record containing all accounts and their balances used by the company. C. A collection of documents that describe transactions and events entering the accounting process. D. A list of all identification numbers used by the company. E. A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item.
The objectives of internal control are to
A) control the internal organization of the accounting department personnel and equipment B) provide reasonable assurance that operations are managed to achieve goals, financial reports are accurate, and laws and regulations are complied with C) prevent fraud, and promote the social interest of the company D) provide control over "internal-use only" reports and employee internal conduct