Which type of asset has a physical form?
a. Master asset
b. Tangible asset
c. Informal asset
d. Intangible asset
e. None of the above
Ans: b. Tangible asset
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On April 30, Victoria Secreto sold 1,000 shares of her Limited, Inc.'s common stock to Claire Jewels for $8,000. The stock cost Victoria $5,000. Limited, Inc.'s accounting equation ______.
a. is not affected b/c the corp. is separate from its owners b. will show a decrease in total assets and total shareholders' equity c. will show an increase in total assets and total shareholders' equity d. will show an increase in Retained Earnings e. is not affected b/c of the cost principle
A court order to force the sale of real estate to pay a judgment is called:
a. an attachment b. a writ of execution c. a deficiency judgment d. a foreclosure