Which of the following could be an indication of possible fraud on an application for an owner occupied purchase transaction?
a. The applicants currently live with their parents
b. The applicants currently own & live in a property in the same neighborhood as the property for the loan
c. The property is out of state
d. There are 4 applicants on the application
Ans: b. The applicants currently own & live in a property in the same neighborhood as the property for the loan
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The laws of some states require that corporations restrict their legal capital from distribution to stockholders
a. true b. false
Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?
a. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase. b. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect. c. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect. d. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase. e. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.