Under the Fair Credit Reporting Act, employers must do which of the following?
a. notify an applicant that the employer plans to reject her based on information from a credit report
b. obtain the consent of an applicant before conducting any background check
c. verify that the information in a credit report reasonably appears to be accurate
d. all of the above
e. none of the above
A
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An asset purchased before the fifteenth of the month should be depreciated for the entire month
Indicate whether the statement is true or false
Directional testing involves testing transactions or balances primarily for which type of error?
a. Overstatement. b. Understatement. c. Either overstatement or understatement. d. Either overstatement nor understatement.
Required: Prepare Yoga Universe's income statement for the month of October, 2019.
Yoga Universe, Inc. is a fitness center in Tampa, Florida. In October, the company earned
$550,000 in revenues and incurred the following operating costs from 340 customers:
Ted and Alice own their recreational vehicle subject to a security agreement to Third U.S. Bank to secure the repayment of the purchase money loan. Ted and Alice sell their RV to Bob and Carol, who agree to take over the loan payments to the bank. There is no novation with the bank. Under these facts, if Bob and Carol do not make the loan payments, Third U.S. Bank
A. can sue Bob and Carol only. B. can sue Ted and Alice only. C. can sue Bob, Carol, Ted, and Alice. D. cannot sue anyone but can repossess the RV.