Testamentary intent means the testator understands that certain persons will become the owners of certain property upon her death
Indicate whether the statement is true or false
True
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Amounts in the special columns of the combination journal are posted as totals
Indicate whether the statement is true or false
U.S. GAAP and IFRS provide criteria for distinguishing operating leases from capital leases. Which of the following is not true?
a. The criteria attempt to identify the entity, whether lessor or lessee, that enjoys the benefits and incurs the risk of the leased asset. b. When the lessor enjoys the benefits and bears the risk, the lease is an operating lease. c. When the lessee enjoys the benefits and bears the risk, the lease is a capital lease. d. IFRS provides more general criteria for identifying the entity enjoying the rewards and incurring the risk. e. Firms can currently apply the fair value option to capital leases
Which of the following financial intermediaries is also known as a savings and loan association??
A. ?Commercial bank B. ?Credit union C. ?Mutual fund D. ?Thrift institution E. ?Pension fund
The languages people speak, the type of education they have, and their religious beliefs are aspects of the ________ environment.
A. legal B. technological C. political D. cultural and social E. economic