Rick is risk manager of Herald News, a daily newspaper in a competitive market. Rick wants to make sure that if Herald's printing facility is damaged or destroyed, the paper will continue to be published
What type of insurance can Rick purchase to cover the added cost of continuing to print the paper after a physical damage loss has occurred?
A) contingent business income coverage
B) product liability insurance
C) business income from dependent properties coverage
D) extra expense coverage
Answer: D
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Indicate whether the statement is true or false
All of the following statements regarding accounting for trading debt securities under U.S. GAAP are true except:
A. An unrealized gain or loss is recorded with an adjusting entry when the securities are sold. B. An unrealized gain or loss is recorded with an adjusting entry at the end of each period. C. An unrealized gain or loss from a change in fair value is reported in the income statement. D. The entire portfolio of trading securities is reported at fair value. E. Unrealized gains and losses are recorded in a temporary account that is closed to Income Summary at the end of each period.
If the costs of performing a contract have unforeseeable risen so unexpectedly and dramatically that performance would result in a substantial loss, the contract may be discharged on the grounds of:
a. common-law rule. b. frustration of purpose. c. commercial impracticability. d. economic stability.
In sales of new or used goods by merchants, probably the most important warranty is that of , unless it was expressly_________by stating that the goods were sold_________
Fill in the blank(s) with correct word