Final administrative rules have binding legal effect unless the courts later overturn them
a. True
b. False
Indicate whether the statement is true or false
True
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A(n) ________ is an action a party to a sales or lease contract is required by law to carry out
A) obligation B) breach C) capture D) revocation
A tenancy for years must have a duration of at least two years, and notice to terminate must be given at least one month before ending the lease
a. True b. False Indicate whether the statement is true or false
A major corporation is considering a capital budgeting project that involves the development of a
new technology. The controller estimates the net present value to be negative, yet argues that the company should invest in the project. Which of the following statements is MOST correct? A) The controller should be fired for making such a poor decision. B) The controller may be considering the option to expand or modify the project in the future. C) Capital rationing may exist for the current year. D) The profitability index may be greater than one, giving an accept decision.
What is the primary difference between: (i) accounting for a business combination when the subsidiary is dissolved; and (ii) accounting for a business combination when the subsidiary retains its incorporation?
A. If the subsidiary retains its incorporation, there will be no goodwill associated with the acquisition. B. If the subsidiary retains its incorporation, assets and liabilities are consolidated at their book values. C. If the subsidiary is dissolved, assets and liabilities are consolidated at their book values. D. If the subsidiary retains its incorporation, the consolidation is not formally recorded in the accounting records of the acquiring company. E. If the subsidiary is dissolved, it will not be operated as a separate division.