Which of the following is true of insurable interest?

A) Sellers can retain the insurable interest to goods as long as they have the title to them.
B) Buyers cannot place insurance on goods.
C) Buyers cannot obtain an insurable interest if they might later reject the goods.
D) Buyers can obtain insurable interest on goods that are not mentioned in the contract.

Which of the following was the result in Fostveit v. Poplin the case in the text involving the right of a contractor who had built storage units to place a lien on the property in which "substantial performance" has occurred according to a contract?

A) The court found that a lien was able to be placed on a property because Fostveit had substantially performed his portion of the work assigned to him pursuant to the parties' contract.
B) The court found that a lien not allowed to be placed on the property because Fostveit had multiple violations of building codes.
C) The court found that a lien was allowed on the property, but only after Fostveit remedied the building code violations in compliance with local law.
D) The court found that a lien was not available because the Poplin's had improved the property pursuant to the contract and a lien would be inequitable.
E) The court found that a lien was available but the materials and time associated with the improvements the Poplin's had made would need to be deducted from the lien amount.

The process of transferring general journal entry information to the ledger is called:

A) Double-entry accounting.
B) Posting.
C) Balancing an account.
D) Journalizing.
E) Not required unless debits do not equal credits.