Which of the following is true of a partner's fiduciary duty?
A) The RUPA's provision regarding the fiduciary duty is not exclusive, but leaves further development of the fiduciary duty of partners to the common law of agency.
B) The RUPA provides that a partner does not violate the duty of loyalty merely because the partner's conduct furthers the partner's own interest.
C) The fiduciary duty extends to the formation of the partnership, even when the parties are negotiating at arm's length.
D) The duty not to compete continues for a reasonable time after dissociation.
B
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Excom sells radios and each unit carries a two-year replacement warranty. 5% of the radios sold typically need to be replaced costing Excom $30 per radio. During September, Excom sold 100 radios for $50 each. For what amount in September would Excomdebit Product Warranty Expense?
a. $50 b. $150 c. $30 d. $120
No special internal control procedures are necessary with a petty cash account because the amount is usually so small
a. True b. False Indicate whether the statement is true or false
Sensitivity analysis is often referred to as _____.
Fill in the blank(s) with the appropriate word(s).
A company's income statement disclosed $45,000 of investment revenue on equity method investments. The company did not purchase or dispose of any such investments during the year, yet the equity method investments account increased $30,000 during the year. What is the complete disclosure of these events in the statement of cash flows prepared under the indirect method?
a. Operating cash inflow, $45,000; $30,000 subtraction in reconciliation of earnings and net operating cash flow b. Operating cash inflow, $15,000; $30,000 subtraction in reconciliation of earnings and net operating cash flow c. Operating cash inflow, $15,000 d. $30,000 subtraction in reconciliation of earnings and net operating cash flow e. None of these answers is correct.