A purchase money security interest in a motor vehicle is covered by the automatic perfection
rule.
Indicate whether the statement is true or false
FALSE
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On October 1, 2015, Jacob's Beach Umbrellas borrowed $5,000 on a 12%, one-year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2015, and a correct reversing entry was made on January 1, 2016. The entry that should be made on March 31, 2016, is
A) Interest Payable 300Cash 300 B) Interest Expense 150Interest Payable 150Cash 300 C) Interest Expense 150Cash 150 D) Interest Expense 300Cash 300
Which of the following would not be included in the inventory purchases budget?
A. Cash collections B. Desired ending inventory C. Required purchases D. Budgeted cost of goods sold
Which of the following statements is not true?
a. In a typical two-tier client server system, the server handles both application and database duties. b. Client computers are responsible for presenting data to the user and passing user input back to the server. c. In three-tier client server architecture, one tier is for user presentations, one is for database and applications, and the third is for Internet access. d. The database and application functions are separate in the three-tier model.
Which of the following is required by accounting standards for the presentation and disclosure of investments in marketable securities?
a. By classification as trading, available-for-sale or held-to maturity. b. For an analyst's determination of liquidity. c. For the company's physical possession of the security versus agent holdings. d. For the expected success of the organization of investment.