1. A major advantage of the partnership form is that the personal assets of the partners are protected from creditors in case of legal action- False 2. A partnership is considered an “entity” for accounting purposes- True 3. “Mutual agency” means that one partner can legally bind all the other partners to a contract if it appears that he or she is acting appropriately- True 4. Partners are taxed on their drawings regardless of their share of the income. False 5. If a partnership agreement
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CHAPTER 12 Accounting for Partnerships ASSIGNMENT CLASSIFICATION TABLE Brief Exercises A Problems B Problems Study Objectives 1. Identify the characteristics of the partnership form of business organization. 2. Explain the accounting entries for the formation of a partnership. 3. Identify the bases for dividing net income or net loss. 4. Describe the form and content of partnership financial statements. 5. Explain the effects of the entries to record the liquidation of a partnership. *6. Explain
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when both np and n(1 - p) are at least five. Answer: True Type: Concept Difficulty: Easy 12. The normal distribution approximation to the binomial works best when n is large. Answer: True Type: Concept Difficulty: Easy 13. The formula can be used with both a normal and binominal distribution. Answer: True Type: Concept Difficulty: Easy Multiple Choice Questions 14. Find
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COMM 370 – Elena Simintzi Practice for Lecture 1: Basic Financial Analysis Question 1. Consider the following financial statements for SubMart Corp contained in the company’s most recent annual report filed with the OSC. SubMart Corp Balance Sheet‚ December 31‚ 2012 Assets Cash Accounts receivable Inventories Property‚ plant & equipment Less accumulated depreciation Total assets Liabilities & Equity Accounts payable Accrued expenses payable Long-term debt Common stock Retained earnings Total
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American History Chapter 13 Becoming a World Power Overview The Cold War (1945-1991) conquered international relations within a structure of political‚ economic‚ and military tension between the United States and the Soviet Union. The Cold War facilitated global leadership by the United States‚ and provided Soviet dictator Joseph Stalin and his successors with an enemy to validate their suppressive regime. The Cold War helped legitimize an unrepresentative government and uphold the Communist
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Brunner: Medical-Surgical Nursing‚ 11th Edition Test Bank Chapter 1: Health Care Delivery and Nursing Practice Multiple Choice 1. The school nurse teaching a health promotion class to high-school students informs the group that health may be defined as: A) Being disease free B) Having fulfilling relationships C) Having a clean drinking source and nutritious food D) Being connected in body‚ mind‚ and spirit Ans: D Chapter: 1 Cognitive Level: Application Difficulty:
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Horngren‚ C.T.‚ Datar‚ S.M. and Foster‚ G. (2003) Cost Accounting - A Managerial Emphasis‚ Pearson Education‚ Inc.‚ New Jersey‚ Eleventh Edition CHAPTER 11 DECISION MAKING AND RELEVANT INFORMATION 11-1 The five steps in the decision process outlined in Exhibit 11-1 of the text are: 1. 2. 3. 4. 5. Obtain information Make predictions about future costs Choose an alternative Implement the decision Evaluate performance to provide feedback 11-2 Relevant costs are expected future costs that differ
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Chapter 01 1. The business entity assumption requires that a business be accounted for separately from other business entities‚ including its owner or owners. 2. The four basic financial statements include the balance sheet‚ income statement‚ statement of retained earnings and statement of cash flows. 3. A balance sheet covers a period of time‚ such as a month or year. 4. The income statement shows the financial position of a business on a specific date.
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themselves into troubles.they paying for the item but after 2 weeks they not received their goods.there is solution‚if we have dealing on the item‚we should go the bank and let the bank workers doing the payments through banking system.in addition‚if payments through the bank more safer than we use our online banking system.the banks have more protection.besides that using online payment we should pays exchange rate into 50% higher than dealing on local products. Third is delivering process‚deliver
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Chapter 01 An Introduction to Assurance and Financial Statement Auditing True / False Questions 1. Independence standards are required for audits of public companies‚ but not for audits of private companies. True False 2. Decision makers demand reliable information that is provided by accountants. True False 3. Information asymmetry seldom occurs. True False 4. Conflicts of interest often occur between absentee owners and managers. True False
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