Which of the following is true of a note?
A. It is a long-term unsecured debt instrument that is based on a corporation's general credit standing.
B. It is a long-term debt security that is secured by some form of collateral.
C. It can be either unsecured or secured.
D. It contains a conversion feature.
Answer: C
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Theoretically, the amount of estimated future returns and allowances on credit sales should be recorded during the period of the sale so as not to overstate sales and ending accounts receivable. In practice, these estimates are not recorded by most companies because
A) the amount of such returns and allowances tends to fluctuate too greatly from period to period. B) there is too much uncertainty surrounding such estimates. C) such estimates are not allowed according to generally accepted accounting principles. D) the amount of such returns and allowances is usually not material.
Which of the following was NOT one of the four types of analysis objectives mentioned in your textbook?
A) Description B) Generalization C) Differences D) Relationships E) Type II
Hallmark's classic "When you care enough to send the very best" slogan appeals to which need category in Maslow's hierarchy?
A) physiological B) social C) esteem D) self-actualization E) safety
Proceeds from the sale of investments in common stock accounted for by the equity method would be classified into which of the following sections of the statement of cash flows?
a. Operating b. Investing c. Financing d. Non-cash item