10. What types of practices are prohibited under the Fair Debt Collection Practices Act?
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- What are the general rules for measuring and recognizing gain or loss by a debt extinguishment with modification?(35) If a company has any debt covenants, those debt covenants need to be considered whenever that company makes any decisions. True or False.The term "provision" as it is used in IAS 37, is most closely related to what term in U.S. GAAP? O Contingent liability, where the outflow of resources is "remote." Contingent liability, where the outflow of resources is "probable." O Current liability, where the outflow is difficult to measure. Reserve for bad debt, where the amount recoverable is "uncertain."
- What is the debt with a subjective acceleration clause in the exposure draft, Topic 470?42.What is "recourse" as it relates to transfer or sale of receivables? a. The obligation of the endorser/seller of the receivables to pay the endorsee/purchaser in case the debtor fails to pay. b. The obligation of the endorsee/purchaser of the receivables to pay the endorser/seller in case the debtor fails to pay. c. The obligation of the endorser/seller of the receivables to pay the endorsee/purchaser in case the debtor returns the product related to the sale. d. The obligation of the endorsee/purchaser of the receivables to pay the endorser/seller if all of the receivables are collected.Which of the following items would most likely be classifi ed as a fi nancing activity? A . Issuance of debt
