A jeweler plans June sales to be $67,000 and planned reductions to be 15 percent of sales. If planned July 1 inventory is $225,000 (at retail) and the June 1 inventory (at retail) is $260,000, planned purchases (at retail) are $32,000
Indicate whether the statement is true or false
False
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Which of the following is not an inherent risk typically associated with recording debt transactions?
a. Interest expense not being properly recorded. b. Failure to accrue interest expense. c. Debt not being properly classified. d. Debt not being properly authorized.
In U.S. GAAP, which of the following accurately describe(s) the effects of transactions involving investments on the statement of cash flows?
a. When using the fair value method for trading securities and fair value hedges, both realized and unrealized gains and losses appear in net income. b. Dividends received from investee included in investor's cash flow from operations. c. When using the indirect method, add back realized holding losses, and subtract realized holding gains included in income for the period to derive cash flow from operations. d. All proceeds of sale of trading securities appear as [dis-]investing source of cash. e. all of the above
If the insurer broadens coverage during the policy period without an increase in premium, and the broadened coverage is not part of a general program revision, the insured is entitled to the broadened coverage under which policy provision?
A) waiver of policy provisions B) subrogation C) liberalization clause D) pair or set clause
Medical malpractice insurance written on a claims-made basis can leave a surgeon vulnerable to malpractice claims if the surgeon retires, changes insurers, or drops coverage
A provision can be added to the claims-made form that protects the surgeon for future claims arising from incidents that occurred while the claims-made policy was in force. This provision is called a(n) A) cut-through endorsement. B) drop-down endorsement. C) agreed amount endorsement. D) extended reporting period endorsement.