Do you believe that Bills of exchange cannot be voided? Yes, or No, and Why?

Q: Under what circumstances can a CPA be paid on a commission basis? Why do you think the regulation…

A: CPA stands for Certified Public Accountant. A CPA is a licensed accounting professional who has met…

Q: Which of the following is not classified as a financial instrument? Convertible bond C. Loan…

A: Solution: "Warranty provision" is not classified as a financial instrument.

Q: What do you think is the reason why governments grants "exclusion from the gross income

A: Possible reasons why government grants exclusions from gross income can be as follows.  1) To…

Q: why do exporters and importers use bill of exchange?

A: A bill of exchange is a written order that binds one party to pay another party a predetermined sum…

Q: Taxpayers cannot deduct a nonbusiness bad debt. True or false

A: Bad debts are classified as business and non business bad debt

Q: What do we mean by revenue recognition? What does GAAP say about proper revenue recognition?

A:

Q: Why is consignment not a sale?

A: The companies derived revenue by selling goods or delivering services. The companies main objective…

Q: Determine whether the statement is legally correct (true) or not (false).  Even where the contract…

A: The business can be run by the individual in the form of sole proprietorship, or it can be run as a…

Q: Why should an individual not use an installment sale as opposed to a cash sale?

A: Under the normal method of accounting cash is collected from sale of goods or services and…

Q: What is the requirement on Federal Truth-in-Lending (FTL)?

A: Following are the requirements of Federal Truth-in-Lending (FTL):   The financial data: The plan of…

Q: Discuss the concept of functional currency under SFAS No. 52. What purpose does the functional…

A: Statement of financial accounting standard number 52 is the one which is amended from time to time…

Q: 1."A sale of Goods Contract once made can never come to an end".Discuss the above statement with…

A: Sale of goods contract involves 2 parties  one is seller and other is buyer Seller sells the goods…

Q: the effect of the doctrine of privity of contract is that

A: The doctrine of privity of contract states that the contract law would not impose any obligation and…

Q: Explain the requisites of the negotiability of a  bill of exchange.

A: Bill of exchange is a negotiable instrument written by the drawer on a drawee where drawer gives an…

Q: What is the rationale for the remeasurement of foreign currency transactions?

A: Remeasurement: Remeasurement refers to re-evaluation of a physical asset or foreign currency in the…

Q: What does LIBOR stand for, how is it determined, and how is it used for financing outside the United…

A: LIBOR: The LIBOR or the London Interbank Offer Rate is a very short-term interest rate at which a…

Q: Exclusion from gross income refers to income received or earned but is not taxable as income because…

A: Gross income is the total income of an individual without deducting any deductions or exemptions. It…

Q: Forward contract is both a blessing and a curse because sometimes you feel that you should not have…

A: The contract between two parties (buyer or seller) in order to buy or sell the specific assets…

Q: what is a deed how is it different from the title?

A: A deed is a document that represents the right of transfer of ownership or right transfer from one…

Q: What is RICO and give an example of a case?

A: The question is based on the concept of Operation management

Q: What contingencies are commonly found in permanent or take-out loan commitments? Why are they used?…

A: The contingencies found in permanent or take-out loan commitments and their use are as follows: A…

Q: Which of the following statements in relation to GST are correct?   a. Imports do not attract GST…

A: Goods and services tax is the tax on the commodities and services to be given to the consumers. It…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: • The purpose of giving checks for the paychecks is used to detect the fraudulent employee in an…

Q: Factual errors can occur in two ways: unilaterally or bilaterally. What are the implications of both…

A: pleas see the next step for solution

Q: What is the Dormant Commerce Clause ?   a. An affirmative constitutional grant to states to…

A: The Dormant Commerce Clause means the congress has given the power over interstate commerce.

Q: a

A: A legal state in which a person's financial obligation is limited to a specified sum, usually the…

Q: Is a sole trader required to register for GST? – if no, why not; if yes, when.

A: GST is Goods and Services Tax. This tax is applicable from 1st July 2017 in India.  GST is…

Q: There is no difference between simple and compound interest do you agree with the statement if no…

A: Compensation amount that a borrower is required to pay to the lender is known as interest amount. It…

Q: A court will not enforce a cotnract if the contract requires an action that is egregious, even if…

A: Egregious contracts mean those contracts which are severely one-sided and unfair to the other party…

Q: What is foreign currency?

A: In terms of finance, foreign currency is a familiar term in FOREX (Foreign Exchange) transactions.

Q: The party making the promise to pay is called the maker. O True O False

A: A promissory note has usually two parties, promisor and a promisee. Promisor is a person who makes…

Q: Negative covenants tend to be less significant than affirmative covenants because they place direct…

A: > The answer is "FALSE"

Q: What is the difference between an unconditional promise to give and an intention to give?

A:

Q: What is meant by fair trade

A: Fair-trade is an agreement between a buyer and seller, in which seller has to provide good working…