What two exceptions did the UCC create for accord and satisfaction check cases?
The first Code exception involves "organizations" which receive potentially thousands of checks every day and cannot inspect all notations. Under the exception, if an organization notifies a debtor that any offers to settle for less than the debt claimed must be made to a particular official, and the check is sent to anyone else in the organization, depositing a "full settlement" check generally does not create an accord and satisfaction. Second, if within 90 days of cashing a "full payment" check, the creditor offers repayment of the same amount to the debtor, there is no accord and satisfaction.
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The determination of impairment losses differs under IFRS versus GAAP in that
A) only GAAP permits a value-in-use estimate. B) only IFRS employs a disposal approach as a measure of fair value. C) only GAAP compares the fair value to cost. D) only IFRS permits a value-in-use estimate.
On April 1, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What amount of the insurance expense will be reported on the annual income statement for the first year ended December 31?
A. $450.00. B. $37.50. C. $1,012.50. D. $337.50. E. $1,350.00.
As health care costs rise, TynsCorp is exploring ways to contain costs. One thing they might want to consider is requiring employees to share more of the burden by increasing the portion of the premium that employees need to pay.
Answer the following statement true (T) or false (F)
The Labor-Management Reporting and Disclosure Act is aimed at eliminating corruption in labor unions
a. True b. False Indicate whether the statement is true or false