The Rule against Perpetuities is a common law restriction against creating interests that would vest at uncertain times or too far in the future. True False
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The Rule against Perpetuities is a common law restriction against creating interests that would vest at uncertain times or too far in the future.
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- Which of the following about materiality is NOT true? A. Information is material if, in determining a choice of action, a reasonable person would attach importance to it. B. A fact is only material if a reasonable person actually was influenced by the information. C. A fact that, if it have been correctly stated or disclosed, would have influenced the decision of the average prudent investor is material. D. Information about which an average prudent investor ought reasonably to be informed is material.How does title insurance work? Why is it not absolute (fool-proof)?Which of the following would not be considered when evaluating whether to record a contingent loss for pending litigation? Group of answer choices the type of litigation involved the ability to make a reasonable estimate of the amount of the loss the probability of an unfavorable outcome time period in which the underlying cause of action occurred
- Sale of real estate is subject to VAT. True, if not made in the regular course of trade or business False, it is exempt if the real estate is classified as capital asset False, it is exempt if what is sold is a resi¬dential unit True, if the real estate is classified as capital assetWhich of the following is not a criterion that must be met for an item to be classified as a liability? A certain cash payment will occur in the future. A sacrifice will require the entity’s assets or services. There is a probable future sacrifice. There is a present obligation that results from a past transaction.Why does the exclusion of the preemptive right ordinarily inconsequential?
- Can a stockholder exercise his/her appraisal right to instances not written in the Code?Which of the following statements is false?Select one:a. A contingent liability should be disclosed in the notes to the financial statements if there is a reasonable possibility that a loss (or expense) will occur.b. A contingent liability should be accrued if the loss is probable and the amount of the loss can be reasonably estimated.c. A contingent liability is a potential obligation that depends on the future outcome of past events.d. All contingent liabilities should be reported as liabilities on the financial statements, even those that are unlikely to occur.Which of the following is an example of protective rights? Rights to appoint or remove another entity that directs the relevant activities The right of a party holding a non-controlling interest in an investee to approve the issue of equity or debt instruments Rights to veto any changes for the benefit of the investor All of the choices
- The communications between CPAs and their clientse are privileged underfederal law. True or False?a. What is the relationship between a. the ethical obligation of honesty and truth telling?b. Is it ever proper to not tell someone something that he or she has an expectation of knowing? If so, describe under what circumstances this might be the case. How does this square with rights theory?In order to say that the buyer is insolvent in order for the seller to exercise his right to stoppage in transitu, such insolvency should be judicially declared. True or False
