On December 31, 2017, Sandy Company has a Note Receivable of $5000. The note will be collected in installments. $1000 is due on December 31, 2018 and $1000 is due every year after December 31, 2018
The classification of the note on Sandy Company's balance sheet at December 31, 2017 is:
A) all $5000 is a current asset.
B) all $5000 is a long term asset.
C) $1000 is a current asset and $4000 is a long-term asset.
D) $4000 is a current asset and $1000 is a long-term asset.
C
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Unions and intersections cannot be defined for more than two sets, so that A ? B ? C and A ? B ? C are meaningless
A) True B) False
Which of the following is correct with regard to an accountant's contractual liability?
A) An accountant is bound to perform all the duties she explicitly agrees to perform B) An accountant implicitly agrees to perform a contract in a competent and professional manner C) An accountant who breaches his contract with a client may also be liable to a third party intended beneficiary D) All of these are correct.