Which of the following terms designates the legal ability of a party to enter into a contract?
A)Consent
B)Affirmation
C)Materiality
D)Capacity
D
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In order for a lease to be considered a finance (or capital) lease, international accounting standards require that a lease agreement
a. transfers substantially all risks and rewards incident to ownership of an asset to the lessee. b. contains a provision requiring transfer of title to the lessee by the end of the lease term. c. provides that the term of the lease contract be longer than one year. d. provides for a bargain purchase option.
In 2008, FNMA and GNMA were placed into conservatorship...
a. true b. false
A company performs 20 days of work on a 30-day contract before the end of the year. The total contract is valued at $6,000 and payment is not due until the contract is fully completed. The required adjusting entry includes a $4,000 debit to Unearned Revenue.
Answer the following statement true (T) or false (F)
Intangible assets such as copyrights and goodwill are not included on the balance sheet because
they are impossible to value objectively. Indicate whether the statement is true or false