Which of the following characteristics may result in the classification of a liability being changed from current to noncurrent?
a. Violation of a subjective acceleration clause
b. Violation of an objective acceleration clause
c. A demand provision for payment
d. Refinancing after the balance sheet date
D
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A parcel of property that is owned as tenants by the entirety can be owned by no more than two
owners. Indicate whether the statement is true or false
________ companies get a tax advantage; most new insurance companies organize as ________ companies
A) Mutual insurance; mutual insurance B) Mutual insurance; stock C) Stock; stock D) Stock; mutual insurance
The Poisson probability distribution is used with
a. a discrete random variable b. a continuous random variable c. either a discrete or continuous random variable d. any random variable
The Tax Cuts and Jobs Act allows firms to immediately deduct the full cost of many assets rather than depreciating that cost over several years using the MACRS rules. Suppose a firm buys a new assets and immediately deducts its full cost. The firm will have ________.
A) lower profits and higher cash flows than it would have had under the MACRS system B) lower profits and lower cash flows than it would have had under the MACRS system C) higher profits and higher cash flows than it would have had under the MACRS system D) higher profits and lower cash flows than it would have had under the MACRS system