Under the RUPA, dissolution occurs automatically upon the happening of an event specified in the partnership agreement as resulting in dissolution. The partners may not agree to continue the business
a. True
b. False
Indicate whether the statement is true or false
False
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When a purchasing agent benefits personally by accepting payment from a vendor, the purchasing agent is guilty of which of the following?
a. Performing kiting. b. Committing embezzlement. c. Receiving kickbacks. d. Stealing company assets.
Cable and satellite programs become a major part of the telecommunications industry. (present perfect)
What will be an ideal response?
Which of the following actions can distort company records and result in fraudulent financial reporting?
A) Prepaying an expense and recording it as an asset. B) Collecting revenue in advance of earning it. C) Recording revenue that has not yet been earned. D) Recording an expense that has been incurred but has not yet been paid.
Lynn, a tailor, agrees to sew a pair of drapes for Zach's living room. Zach promises to pay Lynn $300. Lynn completes the drapes using material selected by Zach, but Zach is not satisfied and refuses to pay for them. In this case:
A) whether Zach will have to pay for the drapes depends upon whether as a reasonable man he ought to be satisfied. B) the standard applied here is a subjective standard of satisfaction. C) the doctrine of frustration of purpose applies. D) the condition of satisfaction is an express condition.