The ACH network electronically transfers funds by crediting the collector's bank account and debiting the payer's bank account for the amount of a payment.
Answer the following statement true (T) or false (F)
True
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When the auditor wishes to emphasize a matter in the financial statements, which of the following would the audit report contain?
a. A Qualification: Yes; An Explanatory Paragraph After the Opinion Paragraph: No. b. A Qualification: Yes; An Explanatory Paragraph After the Opinion Paragraph: Yes. c. A Qualification: No; An Explanatory Paragraph After the Opinion Paragraph: Yes. d. A Qualification: No; An Explanatory Paragraph After the Opinion Paragraph: No.
Which statement concerning destination stores is not correct?
a. A destination store has a larger trading area than a traditional retailer. b. The presence of a destination store in a major shopping center has no effect on the trading area of parasite stores. c. Reilly's law does not reflect higher trading areas for a destination store. d. Huff's law does not reflect higher trading areas for a destination store.
Which of the following is true of the Dodd-Frank Act with regard to derivatives?
A) The Dodd-Frank statute will standardize derivatives traded on exchanges to decrease transparency. B) Derivatives must be routed through a subsidiary to ensure that companies using them post collateral. C) Banks can continue to trade derivatives in-house based on interest rates and foreign exchanges, and for purposes of hedging risk. D) Banks will have to spin off their riskier derivatives and trade them through a clearing house.
A world traveler prepares to leave the comforts of home for a back to nature visit to Gilligan's Island, where all transactions are conducted in coconuts and the banking system is completely undeveloped
The traveler can buy coconuts for $2 each before the journey. If he fails to bring enough coconuts with him and runs out, he must get some coconuts flown in at a cost of $5 each. If he finishes his vacation and has leftover coconuts he can cash them in when he returns home, but will receive only $1.50 per coconut. What is his loss per unit if he overstocks on coconuts prior to leaving home? A) $0.50 B) $1 C) $3.50 D) $4.50