Interests or instruments that are expressly mentioned in securities acts are ________ securities.
A. common
B. statutorily defined
C. investment contract
D. debenture
Answer: B
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The courts have generally held that advertisements for the sale of goods at a specified price are not offers; instead, they are treated as invitations to negotiate or to make an offer.
Answer the following statement true (T) or false (F)
According to the AICPA principles, which of the following is incorrect?
a. If the auditor has reservations about the fairness of financial statement presentation, the reason(s) must be stated in the auditor's report. b. If there is a material departure from GAAP in the financial statements, the auditor should explicitly state the nature of the departure and the dollar effects where determinable. c. Auditors should state the reasons why an unqualified opinion cannot be issued. d. Auditors should issue an unqualified opinion in all cases where companies have provided an entire set of financial statements and footnotes that include all years presented for comparative purposes.
The Chinese government practices a form of institutional discrimination through the Hukou, which is a mechanism for determining social entitlements based on: A) age
B) occupation. C) gender. D) place of residence.
Which of the following is NOT a reason that the income statement does not accurately indicate how much cash a firm has earned?
A) It includes entries for the depreciation of assets. B) It does not include entries for expenditures on inventory. C) It does not include entries for collection of money from account receivables. D) It includes cash inflows from services rendered.