Liberty Bank provides Michelle with a standard mortgage with an unchanging rate of interest to buy a home. Payments on the loan remain the same for the duration of the mortgage. This is
A. a fixed-rate mortgage.
B. an adjustable-rate mortgage.
C. an interest-only mortgage.
D. a violation of the law.
Answer: A
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Marta Company has the following bank items: Balance per company books $50,000 Balance per bank statement 50,450 Deposit in transit 800 Outstanding checks 1,200 Interest income 100 Service charge 50 The adjusted book balance should be
A) $49,250 B) $50,000 C) $50,050 D) $50,850
Historically, the United Kingdom has recognized only those deferred tax liabilities expected to "crystallize." The term "crystallize" is most nearly synonymous with the term
a. amortized. b. realized. c. recognized. d. liquidated.
The two major methods for salespeople to increase their sales volume are by improving selling effectiveness and:
A) spending more time in actual selling situations B) dispensing with tedious recordkeeping C) saving time with telephone calls D) developing a series of personal goals E) increasing prospecting activities
Both managerial and financial accounting are governed by GAAP
Indicate whether the statement is true or false