A party injured by fraud generally has the choice of suing for damages or rescinding the contract
a. True
b. False
Indicate whether the statement is true or false
True
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A credit balance in the account Allowance to Adjust Long-Term Investments to Market is disclosed in the financial statements as a
a. contra account in the stockholders' equity section of the balance sheet. b. contra account to Long-Term Investments. c. note to the financial statements. d. liability.
A contractor is generally entitled to recover any lost profits on a contract breached by the client
Indicate whether the statement is true or false
An owner of a life insurance policy that includes an investment element must recognize income equal to the annual increase in the policy's cash surrender value.
Answer the following statement true (T) or false (F)
Cheyenne Enterprises manufactures Nuts and Bolts from a joint process (cost = $80,000). Five thousand pounds of Nuts can be sold at split-off for $20 per pound; ten thousand pounds of Bolts can be sold at split-off for $15 per pound. For product costing purposes Cheyenne allocates joint costs using the relative sales value method.The amount of joint cost allocated to Nuts would be:
A. $60,000. B. $48,000. C. $32,000. D. $80,000. E. $40,000.