Which of the following are characteristics of a wrap account?
I. a flat amount of commission per transaction
II. an increased probability of account churning
III. a money manager
IV. detailed performance reports
A) I and II only
B) III and IV only
C) II, III and IV only
D) I, III and IV only
Answer: B
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Cotton Hotel Corporation recently purchased Emporia Hotel and the land on which it is located with the plan to tear down the Emporia Hotel and build a new luxury hotel on the site. The cost of the Emporia Hotel should be
a. depreciated over the period from acquisition to the date the hotel is scheduled to be torn down. b. written off as an extraordinary loss in the year the hotel is torn down. c. capitalized as part of the cost of the land. d. capitalized as part of the cost of the new hotel.
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Indicate whether the statement is true or false