True or false: In a "bust-out," fraud perpetrators plan to retain a business' assets while filing for bankruptcy in order to avoid responsibility for company liabilities
a. True
b. False
a
FEEDBACK: a. Correct. A bust-out is a planned bankruptcy where perpetrators max out credit opportunities and then declare insolvency.
b. Incorrect.
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On September 1, Knack Company signed a $50,000, 90-day, 5% note payable with Central Savings Bank. What is the journal entry that should be recorded by Knack upon maturity of the note? (Use 360 days a year.)
A. Debit Cash $50,625; credit Notes Receivable $50,625. B. Debit Notes Payable $50,000; credit Interest Revenue $625; credit Cash $49,375. C. Debit Notes Payable $50,000; debit Interest Expense $625; credit Cash $50,625. D. Debit Interest Expense $625; credit Interest Payable $625. E. Debit Notes Payable $50,625; credit Cash $50,625.
Which of the following categories of owners have unlimited liability?
A) sole proprietors B) general partners in a limited partnership C) shareholders of a corporation D) both A and B
The Promotion part of the marketing mix involves telling target customers that the right Product is available at the right Place at the right Price.
Answer the following statement true (T) or false (F)
Define emotions. Identify five positive and five negative emotions. Give examples of two strong emotions you felt recently. What caused these emotions? Who were they directed at? How did you handle these emotions?
What will be an ideal response?