Qiana Gives Rick a $50 Check as Payment for a Debt

question 33

Multiple Choice

Qiana gives Rick a $50 check as payment for a debt. Rick crudely raises the amount of the check to $500 and transfers it to SmartPhones & Minutes Store for a new phone. SmartPhones & Minutes deposits the check in its Trade Market Bank account. Qiana is liable for the payment of $500 to

• A) no one.
• B) Trade Market Bank.
• C) Rick.
• D) SmartPhones & Minutes.

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Definitions:

Intangible Asset

An asset that lacks physical substance but is identifiable and provides economic benefits to the owner, such as patents, trademarks, and copyrights.

Internal Recordkeeping

The process of maintaining all company records, including financial documents, employee information, and operational logs, primarily for internal use.

Business Combination

A transaction in which an acquirer gains control over one or more businesses.

Allocation and Amortization

Process of distributing the cost of intangible assets over their useful lives, similar to depreciation but applied to non-physical assets.