Regarding overtime pay, which of the following statements is NOT true?
a. overtime pay is due for hours worked per week in excess of 40
b. overtime pay is due for hours worked per day in excess of 8
c. the rate of overtime pay is 1 1/2 times the regular hourly rate of pay
d. all of these are true
b
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The revenue recognition principle does not pertain to long-term contracts, franchises, commodities, and installment sales
a. True b. False Indicate whether the statement is true or false
Which of the following is a disadvantage of a general partnership?
A) The control of a partnership is skewed in favor of the partner who invests most capital. B) Partnerships do not have perpetual existence. C) Both a partnership and its individual partners are taxed separately. D) The partnership agreement does not allow partners to leave the business.
General Electric (GE) has strategically leveraged social media to improve its long-term brand image.
Answer the following statement true (T) or false (F)
A rock group assigns its payment under a performance contract to the Costume Shop, a business that has supplied the group with outrageous stage outfits, and to which the group owes a great sum of money. This is a(n)
A. valid assignment because of the rule of freedom to contract. B. valid assignment because this is a simple transfer of the right to receive money. C. invalid assignment because it increases the burden of the payor. D. invalid assignment because this is a personal service contract.