Wayne and his buddies were angry and frustrated that their favorite football team lost the Super Bowl
Full of frustration and energy, the friends and dozens of other disappointed fans went around town smashing windows and looting local businesses. Which type of insurance covers this risk?
A) public liability
B) theft, burglary, robbery
C) basic cause-of-loss insurance
D) employment practices liability insurance
E) key person insurance
Answer: C
Explanation: C) Basic cause-of-loss insurance covers losses to buildings and contents from major risks—windstorm, hail, explosion, civil commotion, riot, and damage from planes, cars, and trucks.
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What two choices must be made in the measurement process for a company that acquires a piece of equipment and needs to record it in the accounting records? Explain
When time is an important consideration, which data collection method is best?
A) mail surveys B) drop-off surveys C) in-home interviews D) telephone surveys E) in-office surveys
Transportation costs incurred to transfer products to customers are downstream costs.
Answer the following statement true (T) or false (F)
John Davis has a debt ratio of 0.25, which tells us that John
A) is insolvent since the ratio is less than 1.0. B) could have $10,000 in total assets and $7,500 in net worth. C) has 25% of his income allocated to reducing debt. D) might have $2,500 in liquid assets and $10,000 in current debts.