When personal property is used as collateral to back up a loan, the note created is a:
a. balloon note b. fixed note
c. collateral note d. property note e. personal note
c
You might also like to view...
Which of the following concepts is important to accrual accounting?
A) Time period, because accrual accounting divides earnings into time periods. B) Market basis, because inflation is a big factor in the environment. C) Cash basis, because if cash is not received, revenue is not accrued. D) Entity concept, because personal transactions must be separated from business transactions.
Tools and techniques used in quality control include
A) process maps. B) control charts. C) statistical sampling. D) all of the above.
Decision variables are often used in formulas that show results.
Answer the following statement true (T) or false (F)
On October 1, 20X3, Pole Corporation paid $450,000 for all of Stick Company's outstanding common stock. On that date, the book values and fair values of Stick's recorded assets and liabilities were as follows: Book ValueFair ValueCash and Receivables$75,000 $75,000 Inventory 155,000 160,000 Buildings and Equipment (net) 260,000 320,000 Liabilities (150,000) (150,000) Net Assets$340,000 $405,000 Based on the preceding information, the differential implicit in this acquisition is
A. $0. B. $65,000. C. $45,000. D. $110,000.