With regard to a limited partner's capital contribution to the limited partnership:
a. the limited partner can only contribute cash.
b. an oral promise by a limited partner to contribute to the limited partnership is enforceable if the partnership has given consideration to induce the promise.
c. a limited partner is liable to the partnership for the difference between the contribution actually made and that which is stated in a signed writing promising a certain contribution.
d. a limited partner may contribute no more than 49% of the partnership's capitalization.
c
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IFRS typically uses a more "rulebased" approach than U.S. GAAP
a. True b. False Indicate whether the statement is true or false
The carrying value of a depreciable asset equals
a. original cost minus depreciation expense for the current period. b. original cost minus accumulated depreciation. c. the estimated cost to replace the asset. d. the estimated amount that the asset could be sold for.
The Cost of Goods Sold account will have the same ending balance whether using traditional or backflush costing
Indicate whether the statement is true or false
Indiana Wood is best classified as a(n) ________ retailer
A) full-service B) self-service C) limited-service D) discount E) off-price