The UPA treats a partnership as a legal entity for all purposes
a. True
b. False
Indicate whether the statement is true or false
False
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A bank loaned York Construction Company $35,000 on a 1-year, 6% note, but deducted the interest in advance. The journal entry made by York to record receipt of the cash would include an
a. increase in Cash for $35,000. b. decrease in Notes Payable for $32,900. c. increase in Discount on Notes Payable for $2,100. d. increase in Interest Revenue for $2,100.
When a person dies intestate, the property the person owns:
A. will go to the biological children, not the adopted children. B. will be considered public property and will be at the government's disposal. C. will be distributed to the people designated as the intestate's heirs. D. escheats to the state.
Which statement is not true regarding the relationship between reliability and validity?
A) If a measure is perfectly valid, it is also perfectly reliable. B) Unreliability implies invalidity. C) If a measure is perfectly reliable, it is perfectly valid. D) Reliability is a necessary, but not sufficient, condition for validity.
An overstatement of ending inventory in a period will result in an understatement of gross margin in that period
Indicate whether the statement is true or false