Which of the following is an example of secondary research?
A. experiments
B. observed customer behavior
C. focus group interviews
D. journal articles
E. surveys
Answer: D
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By forming a limited liability partnership (LLP), the personal assets of partners not involved in wrongdoing by other members of the firm will be sheltered from malpractice claims against the firm.
Answer the following statement true (T) or false (F)
Modigliani and Miller (MM) won Nobel Prizes for their work on capital structure theory.
Answer the following statement true (T) or false (F)
When a company reports a gain on the sale of a depreciable asset, which of the following is always true?
A. The company sold the asset for more than its fair value. B. The company sold the asset before its useful life was over. C. The company sold the asset for more than its book value. D. The company sold the asset for more than it was worth.
Harry’s basis in his partnership interest was $10,000 at the beginning of the tax year. For the year, his share of the partnership’s loss was $8,000, and he also received a distribution of $4,000. Harry can deduct an $8,000 loss, and he recognizes a gain of $2,000 on the distribution of cash in excess of his remaining basis.
Answer the following statement true (T) or false (F)