The rule that usually prevails for interpreting documents that are submitted to a bank for payment under a letter of credit is commonly called the:
A) good faith rule
B) reasonable compliance rule.
C) strict compliance rule.
D) holder in due course rule.
C
You might also like to view...
Exhibit 15-6 On January 1, 2016, 50 executives were given a performance-based share option plan that would award them with a maximum of 300 shares of $10 par common stock for $20 a share. On the grant date, the fair value of an option was $16.50. The number of options that will vest depends on the size of the annual average increase in sales over the next three years according to the following
table: Annual Average Increase in Sales No. of Shares Greater than 5% 50 Greater than 10% 150 Greater than 15% 300 On the grant date, the company estimates the annual average sales increase will be 14%. ? Refer to Exhibit 15-6. In 2017, the company determined that the actual annual average increase was 16%. The compensation expense for 2017 will be A) $123,750 B) $247,500 C) $82,500 D) $55,000
The independent variable in the persuasion matrix that takes into account the passage of information from one person to another is
A. the destination. B. the behavior. C. the message. D. the retention. E. the source.
Interim financial statements refer to financial reports:
A. Where the adjustment process is used to assign revenues to the periods in which they are earned and to match expenses with revenues. B. That cover less than one year, usually spanning one, three, or six-month periods. C. That show the assets above the liabilities and the liabilities above the equity. D. That are prepared before any adjustments have been recorded. E. Where revenues are reported on the income statement when cash is received and expenses are reported when cash is paid.
Refer to the T-account below:Manufacturing Overhead(2)9,000(12)167,000(3)15,000 (4)80,000 (5)30,000 (6)25,000 159,000 167,000 Bal.8,000The ending balance of $8,000 represents which of the following?
A. Underapplied overhead. B. Overapplied overhead. C. A bookkeeping error. D. Manufacturing overhead that will be carried over to the next period.