A person who owes a duty under a contract is an obligee
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following statements is true of intentional misrepresentation?
A. Generally, in a negligence or contract action, the client is limited to recovering compensatory damages. B. Under a punitive damage award, the client will always receive a lesser amount than his actual loss. C. Generally, if an accountant is found liable in fraud, the client is not entitled to recover punitive damages. D. An accountant cannot be liable in fraud for any losses suffered by the client from the time when the audit should have discovered the embezzlement.
Which of the following is/are true regarding the acquisition method for a business combination?
a. Measure the identifiable tangible and intangible assets and liabilities of the acquired company at their fair values. b. The acquirer compares the fair value of the cash, common stock, or other consideration given with the fair value of the identifiable assets less liabilities acquired. c. The excess of the fair value of the consideration over the fair value of the acquired firm's identifiable assets net of identifiable liabilities is goodwill. d. If the fair value of the identifiable assets less liabilities exceeds the fair value of the consideration, the excess is a gain from a bargain purchase, which the purchaser immediately includes in net income. e. all of the above
Transportation-in is:
A) an operating expense. B) part of purchase returns and allowances. C) added to transportation-out as part of the calculation of cost of goods sold. D) part of the cost of net purchases.
Clara receives a telephone call from her Aunt Mary in which Mary says she has decided to give Clara her pet python as a gift. Clara may refuse to accept the gift
a. True b. False Indicate whether the statement is true or false