A flow?down clause helps the general contractor get paid
Indicate whether the statement is true or false
True
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One characteristic of employee fraud is that the fraud
a. is perpetrated at a level to which internal controls do not apply b. involves misstating financial statements c. involves the direct conversion of cash or other assets to the employee's personal benefit d. involves misappropriating assets in a series of complex transactions involving third parties
When we do not get to know someone because we do not have to see that person in order to do our business, we often do not take into account the impact of our decisions on him or her. This is a challenge posed by the:
A. facelessness that results from the use of new technology accessible in the workplace. B. lack of clear boundaries between people's personal and professional lives. C. assumption by users of technology that the Internet is safe. D. knowledge gap that exists between people who understand the technology and others who do not understand it.
Which of the following is/are not true regarding a merchandising firm?
a. Inventory appears on the merchandiser's balance sheet initially as an asset. b. Inventory for a merchandiser is measured at acquisition cost. c. When a sale takes place, the merchandising firm recognizes the cost of the inventory as an expense (cost of goods sold) on the income statement. d. When a sale takes place, the merchandising firm recognizes the inventory reduction on the statement of cash flows. e. All of the above are false regarding a merchandising firm.
Matisse and Oliver own an antique furniture business. They are in a form of partnership where Oliver is only a dormant partner who contributes financially to the business, whereas Matisse actively manages the business and takes care of imports and exports. Matisse and Oliver are bound by an agreement where, unlike Oliver, Matisse is personally responsible for all the debts incurred by the business. In the given scenario, Matisse and Oliver have a _____.
A. general partnership B. limited partnership C. limited liability partnership D. joint liability partnership