Bankruptcy proceedings are commenced under:
A) State or federal law at the option of the debtor.
B) State law.
C) Federal law.
D) Local (city or county) law.
C
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Stock splits:
A. are a type of dividend. B. change the retained earnings account. C. decrease the number of shares outstanding. D. change the par value of the shares.
Which of the following pairs of accounts could not appear in the same adjusting entry?
A) Service Revenue and Unearned Revenue B) Interest Income and Interest Expense C) Rent Expense and Prepaid Rent D) Salaries Payable and Salaries Expense
Which of the following statements regarding horizontal analysis is false?
A) Horizontal analysis can include more than two years of financial data. B) Horizontal analysis is facilitated by computing dollar and percentage changes in financial statement items. C) Horizontal analysis analyzes ratio differences occurring between companies. D) Horizontal analysis can include the statement of cash flows.
Which of the following refers to the state-of-the-art defense?
A) The defendant proves that a warning on the product would not have helped. B) The defendant proves that there was insufficient scientific knowledge to make a safer product at the time it was manufactured. C) The defendant proves that the plaintiff had insufficient knowledge to purchase the product. D) The defendant proves that the warning could have been understood by any reasonable person.