Alice signs a contract with Bob to buy Bob's house for $150,000, with the clause, "if I am able to obtain a mortgage loan for $125,000, at no more than 7% interest, payable over 15 years." Assume that Alice tries but is unable to obtain the described loan, and therefore refuses to proceed with the purchase. Alice is in breach of the contract
a. True
b. False
Indicate whether the statement is true or false
False
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Unearned revenue is reported as a(n)
a. current liability on the balance sheet. b. contra-asset account on the chart of accounts. c. owner's equity account on the work sheet. d. asset on the balance sheet.
If a company is using accrual basis? accounting, when should it record? revenue?
A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) when services are performed and cash is received D) when cash is received, 30 days after the completion of the services
Sally wants to distance herself from her cousin from a different part of country. In order to do this, Sally uses ______, adopting a style of speaking that contrasts with the style of the person from whom she desires to distance herself.
Fill in the blank(s) with the appropriate word(s).
Which of the following is most likely true of a global firm?
A) A global firm typically operates from one country. B) A global firm engages in joint partnerships overseas. C) A global firm sees the world as many different markets. D) A global firm maximizes the importance of national boundaries. E) A global firm manufactures and markets goods wherever it can do the best job.