A company paid $9,000 for a twelve-month insurance policy on February 1. The policy coverage began on February 1. On February 28, $750 of insurance expense must be recorded.
Answer the following statement true (T) or false (F)
True
Expense = $9,000/12 = $750
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When a debtor no longer has an obligation to pay a debt, that debt has been
a. terminated. b. revoked. c. completed. d. discharged.
Shelby wants to sell his Bobcat Skidsteer for $21,000. He e-mails Dave and offers to sell Dave the Bobcat. Due to a typo, Shelby tells Dave that he wants $20,100 for the Bobcat. Dave accepts the offer and pays Shelby $20,100. Shelby is A) not bound by the contract due to a unilateral mistake
B) not bound by the contract due to a bilateral mistake. C) not bound by the contract due to a mistake of value. D) bound by the contract.
Which of the following is true about indirect losses?
A) Includes smoke damage to a building B) Is unrelated to business interruption C) Often results as a consequence of a direct loss D) Is a non-financial loss
An arbitrator must be:
a. an attorney b. related to the plaintiff c. impartial d. biased e. educated beyond the college level