Which of the following statements is (are) true regarding the results of the 2014 study by the Life Insurance Market Research Association (LIMRA) on the adequacy of life insurance owned by households in the United States?
I. The average household is adequately insured against the risk of premature death.
II. The average household is significantly underinsured against the risk of premature death.
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: B
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The accountant for Sparks Electric, Inc. failed to make an adjusting entry to record $3,000 of telephone expenses for the last two months of the year. Which of the following statements is true?
A) The total liabilities will be overstated. B) The total liabilities will be understated. C) The total assets will be overstated. D) The total assets will be understated.
When a dual agency relationship is established in a targeted sales transaction, the broker and their agents may not pass on any information from one party to the other relating to:
a. the price the buyer may be willing to pay. b. the terms of payment the seller may be willing to accept. c. confidential financial information of the parties. d. All of the above.