A truck costing $30,000 and on which $26,000 of accumulated depreciation has been recorded was discarded as having no value. The entry to record this event would include a

A. gain of $4000
B. loss of $4000
C. credit to Accumulated Depreciation for $26,000
D. credit to Accumulated Depreciation for $30,000

Ans: B. loss of $4000

Business

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Ford & Co., CPAs, prepared Owens Corp.'s tax returns. Relying on these tax returns, Century Bank lent Owens $750,000. Ford was unaware that Century would receive a copy of the tax returns or that Owens would use them to obtain a loan. Owens defaulted on the loan. To succeed in a common law fraud action against Ford, Century must prove, in addition to other elements, that Century was

A. Free from contributory negligence. B. In privity of contract with Ford. C. Justified in relying on the tax returns. D. In privity of contract with Owens.

Business

For a workstation running the Windows operating system, the additional user file system permissions ________ must be granted to the Users group at the wwwroot folder

A) Read and Write B) Modify and Read C) Modify and Write D) Read and Execute

Business