Ingrid is single with no dependents. She has been in the hospital with a coma for the last 2 weeks. Her bills are piling up and her rent on her apartment is due
Who is legally empowered to take care of her banking and bill paying while she is incapacitated?
A) Whoever is named as her executor
B) Whoever is named in her living will
C) Whoever is named in her durable power of attorney
D) Whoever is named in her durable health care power of attorney
Answer: C
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Busy Beaver, Inc. purchased land ten years ago for $30,000. At December 31, 2012, similar land has been appraised at $50,000. Answer the following questions:
1. At what amount should land be reported on the balance sheet under U.S. GAAP? 2. Which basis is more reliable, historical cost, $30,000, or fair market value, $50,000? 3. Which basis is more relevant, historical cost, $30,000, or fair market value, $50,000? 4. How might the land be reported using IFRS?
Someone who might have benefited from a contract between two others but has no right to enforce that agreement is
a. a donee beneficiary. b. an incidental beneficiary. c. a creditor beneficiary. d. contractual beneficiary.