A suit involving a dispute for $1 million over a contract signed in California under California law with parties from two different states could be tried in federal or California courts using the same law
a. True
b. False
Indicate whether the statement is true or false
True
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Match each of the following terms with the appropriate definitions.
A. A method of accounting for bad debts that records the loss from an uncollectible account receivable immediately upon determining it is uncollectible. B. A method of accounting for bad debts that matches the estimated loss from uncollectible accounts receivable against the sales they helped to produce. C. The accounting principle that requires financial statements (including the notes) to report all relevant information about operations and financial condition. D. Selling all or a portion of accounts receivable to a finance company or bank. E. Refers to a note maker's inability or refusal to pay a note at maturity. F. The accounting constraint that states that an amount can be ignored if its effect on the financial statements is unimportant to its users. G. Committing accounts receivable as security for a loan. H. The amount that the signer of a note agrees to pay back when the note matures, not including interest. I. A measure of both the quality and liquidity of accounts receivable that indicates how often, on average, receivables are received and collected during the period. J. Amounts owed by customers from credit sales for which payment is required in periodic payments over an extended period of time.
The 25 in 50/100/25 refers to ________ coverage
A) collision B) bodily injury liability C) comprehensive physical damage D) property damage liability
Debt, a source of non-equity funding, allows a new business to handle the disparity between when goods must be purchased and when money will be received from a customer to pay for those goods.
Answer the following statement true (T) or false (F)
Other things held constant, which of the following alternatives would increase a company's cash flow for the current year?
A. Increase the number of years over which fixed assets are depreciated for tax purposes. B. Pay down the accounts payables. C. Reduce the days' sales outstanding (DSO) without affecting sales or operating costs. D. Pay workers more frequently to decrease the accrued wages balance. E. Reduce the inventory turnover ratio without affecting sales or operating costs.