Private insurance can be classified according to coverage. Distinct types mentioned in the text include all the following except:

A contract between a company in the U.S. and one in China, contained a clause that stated: "If an event happens which is extraordinary and out of the control of the parties such as a strike, act of God, fire, accident, or transportation difficulties, then the affected party shall be relieved of its obligations under the contract." This type of clause is

a. an objective impossibility clause. b. a force majeure clause. c. a concurrent condition clause. d. a condition precedent clause.

Bill Pan, CPA, has posted the general ledger and has maintained the financial records of Zorko Corporation. As a part of his responsibilities he has recorded journal entries and made closing entries. Which of the following best summarize the AICPA and

SEC views as to the following question: Is audit independence impaired? AICPA SEC A. Yes Yes B. Yes No C. No Yes D. No No A. Option A B. Option B C. Option C D. Option D