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Author Question: The person directed to receive the money indicated by a check is known as the payee. a. True b. ... (Read 124 times)

casperchen82

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on: Jul 5, 2018
The person directed to receive the money indicated by a check is known as the payee.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

On December 31, 2012, Twisted Pretzel was told by an appraiser that its land, which cost 100,000, was worth 120,000. Under IFRS, Twisted Pretzel would be allowed to: show the land on its financial statements as ________.
 
  A) an expense of 100,000 on the income statement
  B) an expense of 120,000 on the balance sheet
  C) an asset of 120,000 on the income statement
  D) an asset of 120,000 on the balance sheet


ngr69

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Reply #1 on: Jul 5, 2018
Answer to Question 1

True

Answer to Question 2

D


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