A means by which owners of estates in land can make agreements that bind their successors is called a(n):
a. lien
b. estate limitation c. mortgage
d. possessory
e. none of the other choices are correct
e
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Indicate whether the statement is true or false
Klothing Company, a U.S. clothing designer, manufacturer, and retailer, reported a balance in prepaid insurance of $90.7 million, based on its financial reports dated March 31, 2013, the end of its fiscal year. Assume that of this balance, $24 million relates to an insurance policy with two remaining months of coverage. Select the correct journal entries that Klothing would make on April 30, 2013
(Assume that the firm closes its books monthly. Klothing applies U.S. GAAP, and reports its results in millions of U.S. dollars.) a. Insurance Expense $ 24 million Prepaid Insurance $24 million b. Prepaid Insurance $24 million Insurance Expense $24 million c. Insurance Expense $12 million Prepaid Insurance $12 million d. Prepaid Insurance $12 million Insurance Expense $12 million e. none of the above
Which of the following may NOT constitute defamation of character in the United States?
A) a falsehood about someone communicated through print, broadcast, or other electronic means B) media libel or slander of a celebrity who is unidentified, or may not be identifiable C) an ordinary citizen experiences injury in the form of losses in money, reputation or mental stability based on what was written or said D) media libel or slander of an ordinary citizen who is identified, or who could easily be identified
Which of the following entries records the acquisition of office supplies on account?
A) Office Supplies, debit; Cash, credit B) Cash, debit; Office Supplies, credit C) Office Supplies, debit; Accounts Payable, credit D) Accounts Receivable, debit; Office Supplies, credit