Which of the following is true of a limited partnership agreement?
A) It provides that all transactions must be approved by all partners.
B) It does not contain information about dissolution of the partnership as it is an agreement of formation.
C) It provides that general and limited partners have equal voting rights.
D) It sets forth the terms and conditions regarding the termination of the partnership.
D
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Which of the following is not a commitment?
A) Lease B) Construction of long-term asset C) Purchase agreement D) Guarantee of debt
James Dodgsen is a student in a graduate course in business. The professor in the course has given Dodgsen and his classmates a surprise quiz in class. Dodgsen did not do the reading for class that day because he had been grading papers as part of his TA position. He has been prepared for every other class that semester. As he glances as the quiz questions, he realizes that he does not know any
of the answers. However, he sees that Jane Frampton, the student who sits next to him, is well prepared and answering the questions with great ease. He can see her answers because of her large, block-style printing. Dodgsen copies her answers. a. Dodgsen is justified in using the answers because he the pop quiz was unfair. b. Dodgsen is justified in using the answers because he was fulfilling his TA responsibilities instead of preparing for class. c. Dodgsen is justified in using the answers if he intends to read the material eventually. d. Dodgsen has been dishonest. e. None of the above
There are two types of contracts:
a. flat price and cost actuary b. fixed price and cost additional c. flat price and cost reimbursement d. fixed price and cost reimbursement
Your uncle Bob, a CPA, has recently started auditing and he wants your advice on some tests of sales transactions he is conducting. Bob selected a haphazard sample of 15 sales with a total book value of $75,000. In his sample, he found a total of $500 in net overstatement errors. The total sales balance per book is $10,000,000. Overall materiality for the engagement is $300,000. Tolerable misstatement for sales is $70,000. If the sample results indicate that Bob's best estimate of total misstatement in sales is $35,000, can Bob safely conclude that no additional work is needed in this area? Include in your answer a clear discussion of how sample results are compared to tolerable misstatement.
What will be an ideal response?