Which of the following is an indicator that revenue for a service should be recognized over time?
a. Buyer has legal title.
b. Buyer has an unconditional obligation to pay.
c. Buyer has scheduled delivery.
d. Buyer has assumed the risk and rewards of ownership
Ans: c. Buyer has scheduled delivery.
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A paralegal firm is retained on its standard hourly rate to conduct a Small Claims Court action for a business. Which of the following is a source of legal obligation owed by the paralegal firm to its client?
A) Contract B) Tort C) Fiduciary duty D) Both A and B E) All of the above
You have just obtained a mortgage to purchase your home. The ________ that you paid to obtain the loan are charges that must be paid at the time of the sale and serve to raise the effective cost of the loan
A) points B) closing fees C) escrow fees D) security fees E) none of the above