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
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Limited partners have limited liability for partnership obligations
a. True b. False Indicate whether the statement is true or false
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.
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.
Ownership of personal property can be acquired only by purchase
Indicate whether the statement is true or false