An accountant is not liable for a misstatement in a registration statement to a purchaser of securities if the misstatement was not of a material fact.
Answer the following statement true (T) or false (F)
True
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Dream Threads Company sells hand-sewn shirts for $40 per shirt. It incurs monthly fixed costs of $7000. The contribution margin ratio is calculated to be 50%. What is the breakeven point in units? (Round your answer up to the nearest whole unit.)
A) 175 units B) 3500 units C) 80 units D) 350 units
Firms must designate each derivative as a hedging instrument, or else accounting views the derivative as a nonhedging instrument. Furthermore, firms must designate each hedging instrument as either a fair value hedge or a cash flow hedge. The accounting for fair value hedges
a. remeasures both the hedged item and the derivative to fair value each period and recognize any unrealized gains and losses in net income. b. remeasures the derivative to fair value each period and include the unrealized gain or loss in other comprehensive income to the extent that the derivative instrument is effective in neutralizing risk. When the firm settles the hedged item, transfer the previously unrealized gain or loss from other comprehensive income to net income. c. remeasures the derivative to fair value each period and include the unrealized gain or loss in net income. d. all of the above e. none of the above
Contractions are not appropriate for ______________ documents
a. legal b. personal c. scientific d. formal
Andrew Durham was injured in a job-related accident that resulted in a workers' compensation settlement agreement with the employer's insurance carrier, Traveler's Indemnity Company. The settlement agreement required Traveler's to pay Durham $2500 per
month for the rest of his life. To finance its obligation, Traveler's purchased an annuity in its name. The settlement agreement required Traveler's approval or written consent prior to an assignment of the annuity payments. Durham later decided to open a business and went to a credit union for a $214,000 loan. The credit union loaned the money, taking a security interest in Durham's monthly annuity payments. Traveler's consent was never secured. Discuss the conditions in which a right may not be assigned and assess if this was this a valid assignment.