The Australian government has opened a for-profit tourist information center in New York City. If a dispute arises over the lease of the storefront, may the landlord sue the Australian government in the United States courts?
a. Yes, because the Australian government was engaged in a commercial activity.
b. No, because of the Foreign Sovereign Immunities Act which forbids U.S. courts from hearing any cases involving foreign governments.
c. It depends. The Australian government can only be sued if it signed a written waiver giving up its immunity.
d. It depends. The Australian government can only be sued if it is a signatory on the CISG.
a
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The goal of reporting realistic figures and never overstating assets or net income applies to the ________.
A) conservatism principle B) materiality concept C) disclosure principle D) consistency principle
During Year 3, investors in bonds of Kline Corporation exercised their option to convert their debt securities into shares of common stock. The entry made in the accounting records to record the conversion is as follows: Bonds Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,000 Additional Paid-in Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,000 The transaction requires a. inclusion in the statement of cash flows as an operating activity, only. b. inclusion in the statement of cash flows as an investing activity, only. c. inclusion in the statement of cash flows as a financing activity, only. d. disclosure in a supplementary schedule or notes to the financial statements. e. disclosure in managements' discussion and analysis.
Trimble Graphic Design receives $1,500 from a client billed in a previous month for services provided. Which of the following general journal entries will Trimble Graphic Design make to record this transaction?
A.
| Accounts Receivable | 1,500 | |
| Unearned Design Revenue | 1,500 |
B.
| Cash | 1,500 | |
| Accounts Receivable | 1,500 |
C.
| Accounts Receivable | 1,500 | |
| Cash | 1,500 |
D.
| Cash | 1,500 | |
| Unearned Design Revenue | 1,500 |
E.
| Cash | 1,500 | |
| Design Revenue | 1,500 |
Fraud as to the nature or essential terms of an instrument is a limited defense not available against a holder in due course
Indicate whether the statement is true or false