All of the following are elements of an insurable risk EXCEPT
A) the loss must be catastrophic
B) the loss must be the result of chance
C) the loss must have a determinable value
D) the loss must be predictable"
Ans: A) the loss must be catastrophic
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One factor that is not considered in determining the useful life of an intangible asset is
a. salvage value. b. provisions for renewal or extension. c. legal life. d. expected actions of competitors.
The Snow Globe Emporium sells snow globes. The forecasted first quarter sales for The Snow Globe Emporium is shown in the top row of the table. The Snow Globe Emporium buys the snow globes from a distributor for $5 and sells them for $8
All purchases are made on credit one month in advance of sales and are paid for the month following the purchase. Assume that The Snow Globe Emporium has a starting accounts payable balance of $15,000 at the beginning of February. What are the Snow Globe Emporium's Ending Accounts Payable in February? Sales and Purchase Forecast The Snow Globe Emporium January February March April Sales Forecast $32,000 $48,000 $60,800 $75,200 Purchases from Suppliers ($) Payments to Suppliers Beginning Accounts Payable $15,000 Plus: Purchases Less: Payments Ending Accounts Payable $15,000 A) $15,000 B) $23,000 C) $23,500 D) $24,000 E) $26,500