Which of the following is false regarding the fiduciary duty that partners have to the partnership?
a. Partners are liable to the partnership for intentional misconduct only if the partnership agreement specifically provides as such.
b. Partners are entitled to compete with the partnership unless the position of managing partner is held.
c. If a partner secretly engages in a conflict of interest, he must turn over to the partnership any profits he earned from that activity.
d. A partner may take an opportunity from the partnership so long as this is done prior to its consideration by the other partners.
c
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Which of the following methods of determining the optimal sales force size is based on the ability to calculate the total amount of work necessary to serve the entire market?
A) breakdown method B) workload method C) marginal economic method D) breakout method
________ is defined as the amount of change in one variable systematically associated with a change in another variable
A) Correspondence B) Covariation C) Covariable change analysis D) An alpha relationship E) A beta relationship
Understating ending inventory understates both current and total assets.
Answer the following statement true (T) or false (F)
Robins Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials3.8pounds$9.50per pounds$36.10Direct labor0.80hours$18.50per hour 14.80Fixed manufacturing overhead0.80hours$18.00per hour 14.40Total standard cost per unit $65.30The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $360,000 and budgeted activity of 20,000
hours.During the year, the company completed the following transactions:a. Purchased 134,700 pounds of raw material at a price of $9.10 per pound. b. Used 122,080 pounds of the raw material to produce 32,100 units of work in process.c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 26,680 hours at an average cost of $17.20 per hour. d. Applied fixed overhead to the 32,100 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $378,400. Of this total, $297,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $81,000 related to depreciation of manufacturing equipment. e. Completed and transferred 32,100 units from work in process to finished goods. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)?1/1$1,000,000$28,880$0$84,890$566,900=a.?????=b.?????=c.?????=d.?????=e.?????=?Materials Price VarianceMaterials Quantity VarianceLabor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$0$0$1,680,670a.???????b.???????c.???????d.???????e.???????When recording the raw materials used in production in transaction (b) above, the Raw Materials inventory account will increase (decrease) by: A. $1,159,760 B. ($1,159,760) C. $1,110,928 D. ($1,110,928)