Which of the following best describes the term "current assets"?
A) The amount of total profits earned by a business since it began operations plus all other resources.
B) The amount of claim that the owners have in the business in the current year.
C) Assets expected to be converted into cash within one year or one.
D) The cumulative profits earned by a business less any dividends distributed in the current period.
C
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On the first day of the fiscal year, Hawthorne Company obtained a $ 88,000, seven-year, 5% installment note from Sea Side Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808. The journal entry Hawthorne would record to make the first annual
payment due on the note would include: A) a debit to Cash of $15,208 B) a credit to Notes Payable for $10,808 C) a debit to Interest Expense for $4,400 D) a debit to Notes Payable for $15,208
Finished goods held for sale are inventory, but raw materials to be used in the production process
are considered other assets. Indicate whether the statement is true or false
A floating for floating currency swap is equivalent to
A. Two interest rate swaps, one in each currency B. A fixed-for-fixed currency swap and one interest rate swap C. A fixed-for-fixed currency swap and two interest rate swaps, one in each currency D. None of the above
At least 40 percent of the directors of investment companies must be outside directors with no business relationship with the company
a. True b. False Indicate whether the statement is true or false