A partnership in which management responsibilities and profits are divided usually equally among the partners, and all partners have unlimited personal liability for the partnership's debts is called a(n) ________ partnership
A) nominal
B) active
C) equal
D) general
D
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At the economic order quantity:
A. total annual inventory costs are minimized, and holding costs exceed ordering costs. B. total annual inventory costs are minimized, and holding costs equal ordering costs. C. total annual inventory costs are minimized, and ordering costs exceed holding costs. D. total annual inventory costs and holding costs are minimized. E. total annual inventory costs, holding costs, and ordering costs are all minimized.
Which of the following statements holds true for the purchase of staple merchandise?
A. Staple merchandise is purchased using a continuous replenishment system by monitoring sales and generating replacement orders. B. The main objective of staple merchandise buying is to be as close to out of stock as possible. C. Buyers often do not reorder additional merchandise after placing the first order. D. The staple merchandise buying system requires more experienced buyers. E. Buyers for staple merchandise categories have much less flexibility in correcting forecasting errors.
In 2014, The Xavier Company, reported pretax financial income of $400,000 . Included in that pretax financial income was $90,000 of nontaxable life insurance proceeds received as a result of the death of an officer; $120,000 of warranty expenses accrued but unpaid as of December 31 . 2014; and $30,000 of life insurance premiums for a policy for an officer. Assuming that no income taxes were
previously paid during the year and assuming an income tax rate of 40 percent, the amount of income taxes payable on December 31 . 2014, would be a. $120,000. b. $150,000. c. $182,000. d. $184,000.
Which of the following is not true?
a. A firm must recognize derivatives on its balance sheet as assets or liabilities, depending on the rights and obligations under the contract. b. Firms must remeasure derivatives to fair value each period. c. The change in fair value either increases or decreases the balance sheet carrying value of the derivative asset or liability. d. The change in fair value affects either (1) net income immediately (like a trading security), or (2) other comprehensive income immediately and net income later (like securities available-for-sale). e. The income effect of a change in the fair value of a derivative is independent of the purpose for which a firm acquires the derivative and whether the firm chooses to apply hedge accounting.