The old adage, "Figures lie, and liars figure" means that we must be careful in evaluating empirical data
Indicate whether the statement is true or false
TRUE
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The following covenants are extracted from the indenture for McMorris Industries' 20 year-bond. The indenture provides that failure to comply with its terms in any respect automatically advances the due date of the loan to the date of noncompliance. REQUIRED: Assume that each of these is an independent scenario and identify the audit steps that should be taken or reporting requirements necessary
in connection with (a) through (d). a. The debtor company shall endeavor to maintain a working capital ratio of 2.5 to 1 at all times, and, in any fiscal year following a failure to maintain this ratio, the company shall restrict compensation of the CEO and executive officers to a total of no more than $1,000,000 . Executive officers for this purpose shall include the chairman of the board of directors, the president, all vice presidents, the secretary, and the treasurer. b. The debtor company shall insure all property that is security for this debt against loss by hurricane to the extent of 90% of its actual value. Insurance policies securing this protection shall be filed with the trustee. c. The debtor company shall pay all taxes legally assessed against the property that serves as security for this debt within the time provided by law for payment without penalty and shall deposit receipted tax bills or equally acceptable evidence of payment of same with the trustee. d. A sinking fund shall be established and deposited with the trustee by semiannual payments of $450,000, from which the trustee shall, at his/her discretion, purchase bonds of this issue.
The double declining balance depreciation method calculates depreciation each year by taking twice the straight line rate times the book value of the asset at the beginning of each year
Indicate whether the statement is true or false
Which of the following is not one of the characteristics of Fair Trade as stated by the Fairtrade Labeling Organization?
a. Based on dialogue, transparency, and respect b. Offering better trading conditions to, and securing the rights of, marginalized producers and workers c. Campaigning for changes in the rules and practice of conventional international d. A zero-sum game
________ stands for AIDS Related Complex
Fill in the blanks with correct word