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NEW QUESTION: 1
A sender and any prior collecting banks grant a security interest to the sender's administrative Reserve Bank in all of their respective assets in the possession of the Reserve Bank to secure any of their obligations to the Reserve Bank. This security interest attaches when any warranty is breached or any obligation to the Reserve Bank is incurred. The Reserve Bank may take any action under applicable law to enforce its security interest; including exercising its right to set off amounts against any funds it holds. This situation holds true when:
A. Sender identifies liability to Reserve Bank
B. Reserve Bank recovers
C. Bank makes for a substitute check
D. Item is sent to a Reserve Bank
Answer: D
NEW QUESTION: 2
An extraordinary item should be reported separately on the income statement as a component of income:
A. Option B
B. Option C
C. Option D
D. Option A
Answer: A
Explanation:
Choice "b" is correct, Yes - No. An extraordinary item should be reported separately on the income
statement as a component of income:
Yes - net of income taxes.
No - after (not before) "discontinued operations of a segment of a business."
NEW QUESTION: 3
Which multiplicity expressions are valid? (Choose three)
A. 1..0
B. 0,,*
C. -3..3
D. 2..20
E. 0
F. *
Answer: D,E,F