A client's negligence is never a defense to a charge of negligence against an accountant
Indicate whether the statement is true or false
F
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On January 2, 2013, Hannah Company sold a machine for $1,000 that it had used for several years. The machine cost $12,000, and had accumulated depreciation of $9,000 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine?
a. Gain of $2,000 b. Loss of $11,000 c. Loss of $2,000 d. Gain of $3,000
Goldhar&Nemoy, a law firm, leases a fax machine from QED Business Machines. The principal is $5,000 and the interest over the five-year term of the lease is $1,000, so that G & M's monthly payment are $100 for 60 months
The lease provides that if any payment is missed, the entire balance of the lease becomes due, and QED may repossess the machine. G & M makes the first 12 payments, then defaults. QED repossesses the machine and immediately re-leases it to another company on the same terms. It sues G&M for $4,800. Which of the following statements is TRUE? A) This lease contains an acceleration clause which permits QED to sue for the full balance owing after a default? B) G&M may be able to defend on the basis that the acceleration clause is a penalty. C) If the acceleration clause is struck down, QED's damages will be limited to the expenses of repossessing and re-leasing the machine. D) All of the above are true. E) None of the above are true.
In most, if not all, cases where there is a legal detriment to the promisee, there is also a legal benefit to the promisor
a. True b. False Indicate whether the statement is true or false
_________ integration takes information entered into a given system and sends it automatically to all upstream systems and processes.
Fill in the blank(s) with the appropriate word(s).