Jeane signs a promissory note to pay $5,000 to Naresh. Naresh negotiates the instrument and indorses it to Dolph. Dolph changes the payment amount to $50,000 and negotiates the note to Nicholas. Nicholas indorses the note and negotiates it to Mack
Nicholas and Mack are both unaware of Dolph's alteration. At this point, who has primary liability over the note?
A) Nicholas
B) Dolph
C) Naresh
D) Jeane
C
You might also like to view...
How does the technical view of organizations fall short of understanding the full impacts of information systems in a firm?
A) It sees information systems as a way to rearrange the inputs and outputs of the organization. B) It sees capital and labor as primary production factors. C) It sees an organization as a collection of rights, privileges, obligations, and responsibilities. D) It sees the organization as a social structure similar to a machine. E) It sees the inputs and outputs, labor and capital, as being infinitely malleable.
Point Company uses the standard costing method. The company's main product is a fine-quality audio speaker that normally takes 0.25 hour to produce. Normal annual capacity is 3,000 direct labor hours, and budgeted fixed overhead costs for the year were $6,750 . During the year, the company produced and sold 8,000 units. Actual fixed overhead costs were $4,800 . Compute the fixed overhead budget
variance. a. $300 (F) b. $300 (U) c. $1,950 (F) d. $1,950 (U)