Answer:
the answer for this is going to be A
Answer:
The type of credit that requires borrowers to carefully manage debt so that it doesn't get out of control is revolving credit. The customer can purchase anything they want up to a certain amount each month, and if the borrower does not carefully manage their revolving credit, it could get out of control.
Answer:
The correct answer is letter "D": not a valid gift.
Explanation:
As long as a beneficiary is not legally included in a will and the testator passes away, that individual will not formally receive any property of the deceased. All the benefits will be given to the registered beneficiaries expressed in the document only. The verbal intentions of the testator are not considered for these purposes unless recorded and legally proven.
Answer:
a. Freeman estimates that it is reasonably possible but not likely that it will lose a current lawsuit. Freeman's attorneys estimate the potential loss will be $4,500,000.
- Describe the situation in a note to the financial statements.
Since the event is possible but not likely, it should be disclosed in the footnotes of the financial statements.
b. Freeman received notice that it was being sued. Freeman considers this lawsuit to be frivolous.
Since this is a frivolous lawsuit, there is no need to disclose it.
c. Freeman is currently the defendant in a lawsuit. Freeman believes it is likely that it will lose the lawsuit and estimates the damages to be paid will be $75,000.
- Record an expense and a liability based on estimated amounts.
Since the negative outcome is probable and you were able to quantify your losses, you must record the expense for $75,000 and include the amount as a current liability.
Answer: D.) not requested by the audience
Explanation: An unsolicited proposal simply means a proposal which is not based on request by the audience or the company it is being addressed to. It involves a written application aimed at obtaining a contract or work placement in an agency when such agency or organization without any formal request or call for application by the agency or organization. Unsolicited proposal are usually written in other to inform an agency that the writer is capable of offering solution to a problem within the agency or industry using his or own innovative idea.
