A legal land description must:
a. be sufficient to identify the property
b. carry measurements to the nearest inch
c. show the area of the and being described
d. contain an informal reference
Answer: a. be sufficient to identify the property
Business
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Wrap-around contracts include
a. a balloon payment. b. an existing mortgage. c. a time-is-of-essence clause. d. a high interest rate.
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Recording the adjusting entry for depreciation has the same effect as recording the adjusting entry for
a. an unearned revenue. b. a prepaid expense. c. an accrued revenue. d. an accrued expense.
Business