Which of the following is an exception to the suretyship provision requirement under the statute of frauds?
a. A collateral promise made to the creditor.
b. A promise, the leading object of which is to obtain an economic benefit for oneself.
c. A collateral promise where there are three parties and two contracts involved.
d. A promise by an executor to pay the debts of the decedent from the executor's own funds.
b
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A company has net sales on account of $1,750,000 . Net accounts receivable at the beginning of the year are $147,000 and net accounts receivable at the end of the year are $153,000 . The accounts receivable turnover is
a. 11.9. b. 11.7. c. 11.4. d. 1.0.
Which of the following is true regarding the government-wide Statement of Activities?
A. General revenues include items such as charges for services and program fees. B. Both General revenues include items such as charges for services and program fees and Fiduciary activities are included. C. Neither General revenues include items such as charges for services and program fees nor Fiduciary activities are included. D. Fiduciary activities are included.
Cash equivalents are reported in the Operating Activities section of the statement of cash flows
a. True b. False Indicate whether the statement is true or false
The Reporting section of Principles Underlying an Audit Conducted in Accordance with GAAS requires the auditor's report to contain either an expression of opinion regarding the financial statements taken as a whole or an assertion to the effect that an opinion cannot be expressed. The objective of this requirement is to prevent:
A. an auditor from expressing different opinions on each of the basic financial statements. B. misinterpretations regarding the degree of responsibility the auditor is assuming. C. an auditor from reporting on one basic financial statement and not the others. D. management from reducing its final responsibility for the basic financial statements.