Which of the following exists to define the rules and structures of society within which all organizations must operate?

a. For-profits
b. Governments
c. Nonprofits
d. Religion


Ans: B

Business

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Limited partners have limited liability for partnership obligations

a. True b. False Indicate whether the statement is true or false

Business

When using the indirect method to complete the cash flows from operating activities section of the statement of cash flows, what is the proper disposition of a loss on disposal of equipment?

A. Subtract the loss from net income. B. Disregard the loss because it relates to an investing activity. C. Disregard the loss because it relates to a financing activity. D. Add the loss to net income.

Business

The following information was taken from the segmented income statement of Restin, Inc., and the company's three divisions: Restin, Inc.Los Angeles DivisionBay Area Division Central Valley DivisionRevenues$750,000 $200,000 $235,000  $325,000 Variable operating expenses 410,000  110,000  120,000   180,000 Controllable fixed expenses 120,000  65,000  75,000   70,000 Noncontrollable fixed expenses 60,000  15,000  20,000   25,000 In addition, the company incurred common fixed costs of $18,000.The profit margin controllable by the Central Valley segment manager is:

A. $32,000. B. $75,000. C. $50,000. D. $44,000. E. $145,000.

Business

Ownership of personal property can be acquired only by purchase

Indicate whether the statement is true or false

Business