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Firms may achieve off balance sheet financing by treating the transfer of receivables with recourse: As a sale when in substance it represents a secured
Firms may achieve off balance sheet financing by treating the transfer of receivables with recourse:
As a sale when in substance it represents a secured borrowing. |
As a secured borrowing when in substance it represents a sale. |
All of the above. |
None of the above. |
2.Under what circumstances are financial statements permitted to be presented in a manner that violates GAA
if the impact upon the financial statements is judged to be immaterial |
if the financial statements are approved by the Board of Directors |
if they are issued earlier than usual |
none of the above 3. Behrend Corporation held the following items at 12/31/14: Currency and coins $650 Balance in checking account 2,600 Customer checks waiting to be deposited 1,200 Treasury bills, purchased on 12/1/14, mature on 5/1/15 10,200 What amount will Behrend include in its year-end balance sheet as cash and cash equivalents?
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