To Project Pro Forma Financial Statements,speaking to Others in the Industry

question 3

True/False

To project pro forma financial statements,speaking to others in the industry and researching industry averages are good starting points.

---

Definitions:

Security Interest

Any interest “in personal property or fixtures which secures payment or performance of an obligation” [UCC 1–201(37)].

Repossesses

The act of taking back an item, typically a vehicle or property, when the buyer fails to make the required payments.

Breach of Warranty

The failure to fulfill the terms of a promise or assurance, typically regarding the quality, condition, or performance of a product or service.

Lessor

The party in a lease agreement who owns the leased asset and provides it to the lessee in return for payment.