As a general rule, a liquidating corporation recognizes gains but not losses on the distribution of property in complete liquidation.
Answer the following statement true (T) or false (F)
False
Rationale: Gain and loss recognition is the general rule for the liquidating corporation.
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List two duties that individuals with access authority of GL accounts should not have
If Geoff makes a fraudulent statement about his medical history and fails to disclose relevant facts about his medical history in his application for insurance, the insurance company ________.
A. cannot consider the contract voidable B. has a right to cancel Geoff's policy C. has to adjust the benefits payable at Geoff's discretion D. cannot cancel the policy unless Geoff misrepresented his age as well
A frequency distribution helps determine ________
A) the extent of nonresponse B) the extent of illegitimate responses C) the presence of outliers or cases with extreme values D) all of the above
Which of the following are elements of an effective whistle-blowing system? I. Anonymity II. Independence III. Audit trail IV. Accessibility
a. I and IV only b. I, II, and IV c. I, II, and III d. I, II, III, and IV