Rau obtains a loan from Security Funds and signs a note for the amount payable to the lender. Security Funds indorses the note and sells it to Tomas. With the intent to cancel Rau’s obligation on the note, Tomas writes “Paid” across its face. This discharges the liability of   a.  no one.     b.  Rau only.     c.  Security Funds only.     d.  Rau and Security Funds

Question 6 Sherrie, a member, performs various bookkeeping functions for her very small closely held clients including posting cash receipts and disbursements to the client's general ledger. The client provides Sherrie with copies of check stubs and deposit slips where the client has provided account codes that Sherrie merely records in the general ledger. In addition, on a monthly basis, Sherrie calculates adjusting journal entries for depreciation, amortization, and tax accruals and posts these entries to the client's general ledger. Which of the following statements is true regarding Sherrie's independence with regard to these bookkeeping clients? O Sherrie's posting of client coded cash receipts and disbursements does not impair independence. O Sherrie's posting of adjusting journal entries does not impair independence whether or not she discusses them with the client because these are routine accounting entries that small clients do not understand. ONeither of the described…

You pay no interest on a debit card because you are not borrowing. True O False

2 pt Which of the following is a FALSE statement? O A mortgage does not give the lender a right to be paid from the cash proceeds of the sale of a borrowers' assets identified in the mortgage. O Mortgage notes pledge specific assets as security for the note. O A mortgage contract describes the mortgage terms. O Accounting for mortgage notes and bonds is similar to that for unsecured notes and bonds, except that th mortgage agreement must be disclosed.