Relevant asset valuations refer to all of the following except:
a. they are timely.
b. they have the capacity to affect a user's decisions, based on the information.
c. they incorporate all available information.
d. they are always subjective.
D
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If an individual sees through obstacle laden exterior of challenges, they are engaging in what type of thinking?
a. Desirable pattern of thinking b. Undesirable pattern of thinking c. Obstacle thinking d. Behavior thinking
The first step of the scientific process for an entrepreneur is which of the following?
a. to conduct a thorough Internet search b. to develop the hypothesis c. to ask a lot of questions d. to analyze the data
Hay, Straw and Clover formed the HSC Partnership, agreeing to share profits and losses equally. Clover will manage the business for which he will receive a guaranteed payment of $30,000 per year. Cash receipts and disbursements for the year were as follows Net income from operations (before guaranteed payment)$90,000Guaranteed payment to Clover 30,000What is Clover's share of the partnership's ordinary income and guaranteed payment?
A. Ordinary income, $30,000; Guaranteed payment, $10,000. B. Ordinary income, $30,000; Guaranteed payment, $30,000. C. Ordinary income, $20,000; Guaranteed payment, $30,000. D. Ordinary income, $20,000; Guaranteed payment, $10,000.
Which of the following is the record holding all the accounts, the changes in those accounts, and their balances?
A) Source document B) Journal C) Ledger D) Trial balance