What is an acquisition?
a. one company takes over another company and sets itself up as the new owner
b. three or more companies spread resources out over several different areas
c. one company divides into two or more companies
d. two companies agree to go forward as a single new company
a
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When two constructs are theoretically unrelated to each other, the path between those two constructs
should be ________. A) free B) fixed C) assigned a value of 1 D) estimated E) None of the above
A partnership is created:
A) Once there is a valid partnership agreement. B) Upon the issuance of stock to the partners. C) If the managing partner files appropriate papers with the secretary of state. D) If two or more persons or entities engage in an ongoing business activity for profit.
A minor may not disaffirm an executed contract
Indicate whether the statement is true or false
Stevenson, Ross, and Warner (SRW) ? Maddie is the CEO of Stevenson, Ross, and Warner (SRW), a regional accounting firm. SRW offers services in most areas of accounting, including auditing and consulting services. The firm must follow the GAAP rules, just like any other accounting firm. If there are information gaps that are not addressed and resolved by the firm, SRW could be considered a violator of the Sarbanes-Oxley Act. Maddie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations. Like any other industry, accounting is a competitive industry and employees of accounting firms must be productive, progressive, and well trained. Refer to Stevenson, Ross, and Warner. If you applied for a job at SRW and were
asked to state the accounting equation, which of these would you state? A. Assets = liabilities − owners' equity B. Assets + liabilities = owners' equity C. Assets ÷ liabilities = owners' equity D. Assets = liabilities + owners' equity E. Assets = liabilities × owners' equity