You should not alter or repair any physical damages to your property until after the claims adjuster has investigated the loss
Indicate whether this statement is true or false.
Answer: FALSE
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A money-growth rule that responds to the state of the economy is ____ rule.
A. a lagging B. a leading C. a nonactivist D. an activist
Even though it is often said that ignorance of the law is no excuse, the courts have sometimes allowed recovery if one or both parties to an illegal bargain are ignorant of the facts that made the bargain illegal.
Answer the following statement true (T) or false (F)
A routine collection on a customer's account was recorded and posted as a debit to Cash and a credit to Sales Revenue. The journal entry to correct this error would be
a. a debit to Sales Revenue and a credit to Accounts Receivable. b. a debit to Sales Revenue and a credit to Unearned Revenue. c. a debit to Cash and a credit to Accounts Receivable. d. a debit to Accounts Receivable and a credit to Sales Revenue.
Which of the following is not a characteristic of short-term financing?
A. It must be repaid within three years. B. It is easier to obtain than long-term financing. C. There is less risk of nonpayment to the lender. D. The amounts are usually smaller than amounts obtained through long-term sources. E. There is a close working relationship between borrower and lender.