I am stuck on 7-9. slles7. The Consumer Finance Protection Bureau re-quires that the Closing Disclosure be provided toA. the seller.B. the buyer.C. the seller, the buyer, and any involved realestate licensees.D. both buyer and seller.8. One benefit of closing a real estate transactionthrough escrow is thatA. the buyer and the seller can resolvewalk-through issues at the table.B. both the buyer and the seller will berepresented by their attorneys.C. there are no closing costs to be paid.D. neithershitneeds to bepartyclosing.present at the9. All encumbrances and liens shown on the titlereport, other than those waived or agreed to bythe buyer and listed in the contract, must beremoved so that the title can be delivered freeand clear. The removal of such encumbrances isthe obligation ofA. the buyer.B. the seller.C. the broker.D. the title company.o leloT(bavissen) des

The Consumer Finance Protection Bureau re- quires that the Closing Disclosure be provided to A. the seller. B. the buyer. C. the seller, the buyer, and any involved real estate licensees. D. both buyer and seller.

The Consumer Finance Protection Bureau re- quires that the Closing Disclosure be provided to A. the seller. B. the buyer. C. the seller, the buyer, and any involved real estate licensees. D. both buyer and seller.

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter5: Corporate Ethical Governance & Accountabililty

Section: Chapter Questions

Problem 19.1EC

See similar textbooks

Similar questions

When an item to be prorated is owed by the seller and has not yet been paid for, the amount owed is figured as A. a credit to the seller only. B. a debit to the buyer only. C. a credit to the seller and a debit to the buyer. D. a debit to the seller and a credit to the buyer. One item that is ALWAYS prorated on a closing statement is A. the state transfer tax. B. the earnest money. C. the unpaid principal balance of the seller's mortgage loan that is assumed by the buyer. D. the accrued interest on the seller's loan that is assumed by the buyer. mortgage The Closing Disclosure must be used to illustrate all settlement charges for A. all real estate transactions. B. transactions financed with FHA and VA loans only. 0258 C. residentiol
On winding up, which debts or amounts must be paid first?Select one:a. Unsecured debts and loansb. Employee wages and entitlementsc. Secured creditors with a floating charge over trading stockd. Secured creditors with a fixed charge over specific property
C. residential tran federally related mortgage loans. D. all transactions in which mortgage financing is involved. (00 4. Legal title passes from the seller to the buyer A. on the date of execution of the deed. B. when the deed is delivered. C. when the closing statement has been signed. d D. when the deed is placed in escrow. 5. The earnest money given to the broker by the buyer is A. a credit to the buyer only. B. a debit to the seller only. C. a credit to the seller and a debit to the buyer. D. a credit to the buyer and a debit to the seller. 6. One item that is NOT itemized on the Closing Disclosure is w A. the APR on the mortgage loan. B. the amount of money the seller will receive. C. the amount of cash the buyer must bring to the closing. D. the dollar amount of the down payment and closing costs. anizob te ollon sd oll o lio lon to id bisgnu n doun femant bounose) 316
Case Questions1. Consider the principles, assumptions, and constraints of Generally AcceptedAccounting Principles (GAAP). Define the revenue recognition principle andexplain why it is important to users of financial statements.2. Consider the Sithe Energies contract described in the case. Does the account-ing for this contract provide an example of how Enron violated the revenuerecognition principle? Why or why not? Please be specific.3. Consult Paragraphs .06–.07 of AU Section 319. Based on the case informa-tion, do you believe that Enron had established an effective system of inter-nal control over financial reporting related to the contract revenue recordedin its financial statements? Why or why not? 4. As an auditor, what type of evidence would you want to examine to deter-mine whether Enron was inappropriately recording revenue from the SitheEnergies contract?5. Consider the role of the Enron employee who was responsible for applyingMTM accounting rules to electric power…
choose the correct letter of answer If deposit for lease contract was recorded as Rent Expense,A. expense is understated.B.asset is not affected.C.profit is overstated.D. owner’s equity is understated. Inventory, beg. ₱50,000; Net purchases, ₱120,000; Cost of goods sold, ₱80,000. How much is the Inventory, end.?A. 90,000B. 120,000C. 70,000D. 80,000
What is the formula used to determine the amount repayable to the lender under the Cash Back Option if the borrower decides to refinance their mortgage during the term? Select one: a. (Number of full or partial months remaining in the term / Original Mortgage amount) x (Cashback % / Number of months in the term) b. ((Cashback % x Original Mortgage amount x Number of full or partial months remaining in the term) / Number of months in the term) c. (Original Mortgage amount/Cashback % x Number of full or partial months remaining in the term)/ Number of months in the term d. (Number of full or partial months remaining in the term x Number of months in the term) / (Cashback % x Original Mortgage amount)
Which of the following is an example of faithful representation? A Showing lease payments as a rental expense B Being prudent by recording the entire amount of a convertible loan as a liability C Creating a provision for staff relocation costs as part of a planned restructuring D Recording a sale and repurchase transaction with a bank as a loan rather than a sale
Which of the following statements is correct about credit period? A. If a customer purchases goods within the credit period, a cash discount will be allowed to the customer B. If a customer settles the payment within the credit period, a cash discount will be allowed to the customer C. It refers to the period in which customers must settle their debts due D. It refers to the period in which customers need to settle one-third of the debts in order to avoid further interests charged
Match the terms with the definitions. Question 39 options: The concept that nonbusiness assets and liabilities are not included in the business' accounting records. A formal written promise to pay a supplier or lender a specified sum of money at a definite future time. The excess of total revenues over total expenses for the period. An unwritten promise to pay a supplier for assets purchased or services rendered. A separate record used to summarize changes in each asset, liability, and owner's equity of a business. Items a business owns that will provide future benefits. Reports assets, liabilities, and owner's equity on a specific date. An economic event that has a direct impact on the business. Reports beginning capital, plus net income, less withdrawals to compute ending capital. Withdrawals that reduce owner's equity as a result of the owner taking cash or other assets out of…
S1: In accordance with the accrual assumption, the full amount of the premium is recognized immediately as income when received; instead, the premium is normally regarded as being earned evenly over the period of the policy. S2: ABC a manufacturer of appliances, approved to insure a customer for any loss or damage that the customer may incur from the use of a purchased appliance which is covered under PFRS 17. S3: Under insurance contract, the party that has a right to compensation if the insured event occurs is referred to as the insurer. All statements are incorrect Only S3 is correct Only S3 is incorrect Only S2 is incorrect Only S2 is correct All statements are correct Only S1 is incorrect Only S1 is correct
S1: In accordance with the accrual assumption, the full amount of the premium is recognized immediately as income when received; instead, the premium is normally regarded as being earned evenly over the period of the policy. S2: ABC a manufacturer of appliances, approved to insure a customer for any loss or damage that the customer may incur from the use of a purchased appliance which is covered under PFRS 17. S3: Under insurance contract, the party that has a right to compensation if the insured event occurs is referred to as the insurer. a. Only S3 is incorrectb. All statements are correctc. Only S2 is correctd. Only S3 is correcte. Only S1 is incorrectf. Only S2 is incorrectg. All statements are incorrect h. Only S1 is correct
Question 2 In each case state which concept or concepts are relevant to the situation given. a. Subtracting an amount paid for insurance because it belongs to the next year. b. Maintain the same percentage rate of the provision for doubtful debts despite it not being always accurate in predicting future bade debts c. Valuing inventory at likely selling price for a successful business d. Valuing a non-current asset at its likely market value.