The Uniform Partnership Act governs the operation of partnerships.?
Indicate whether the statement is true or false
True
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Commercial accounting systems have fully integrated modules. The word "integrated" means that
a. segregation of duties is not possible b. transfer of information among modules occurs automatically c. batch processing is not an option d. separate entries are made in the general ledger accounts and the subsidiary ledgers
All else being equal, which of the following would not cause the contribution margin to decrease?
A) An increase in total variable costs. B) A decrease in sales volume. C) A decrease in variable costs per unit. D) A decrease in the sales price per unit.
The age of accounts receivable measures the average time between the firm's purchase of materials (assumed to be on credit) and its payment to the suppliers of those materials
Indicate whether the statement is true or false
Abe is involved in an automobile accident and is injured. While he is unconscious, the police call an ambulance which takes him to a hospital. Abe is treated at the hospital and released a day later. The hospital sends him a bill for $2,400, which Abe refuses to pay, claiming it is too high and he never consented to the treatment because he was unconscious. Abe:
A) has entered into a unilateral contract with the hospital and therefore will have to pay the bill. B) has a quasi-contractual agreement with the hospital. C) has entered into an implied in fact contract with the hospital. D) and the hospital have entered into a bilateral contract, the terms of which require that he pay the bill.