Which of the following can be described as involving direct finance?
A) A corporation's stock is traded in an over-the-counter market.
B) People buy shares in a mutual fund.
C) A pension fund manager buys commercial paper in the secondary market.
D) An insurance company buys shares of common stock in the over-the-counter markets.
E) None of the above.
E
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The risk assessment component of internal control refers to:
A. The entity's monitoring of the potential for material misstatements. B. The auditor's assessment of control risk. C. The auditor's assessment of client risk. D. The entity's identification and analysis of risks relevant to achievement of its objectives.
Long Corporation has adopted the policy of charging to expense at the time of purchase all assets having a cost of less than $200, regardless of the life expectancy of the asset. This policy is most closely related to the
A) historical cost principle B) period-of-time assumption C) verifiability principle D) materiality principle
What are the factors considered by a court on whether the court should pierce the corporate veil?
What will be an ideal response?
A sharing of profits from the ownership of property creates a presumption that a partnership exists
a. True b. False Indicate whether the statement is true or false