If one partner contributes an asset to the business, the asset is jointly owned by all partners
a. True
b. False
Indicate whether the statement is true or false
True
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An auditor plans to examine a sample of 20 checks for countersignatures as prescribed by the entity's internal control procedures. One of the checks in the chosen sample of 20 cannot be found. The auditor should consider the reasons for this limitation and:
A. evaluate the results as if the sample size had been 19. B. treat the missing check in the same manner as the majority of the other 19 checks (i.e., countersigned or not). C. choose another check to replace the missing check in the sample. D. treat the missing check as a deviation for the purpose of evaluating the sample.
James Broker, an analyst with an established brokerage firm, comments: "The critical number I look at for any company is operating cash flow. If cash flows are less than earnings, I consider a company to be a poor performer and a poor investment prospect.". Do you agree with this assessment? Why or why not?
A corporation that pollutes a body of water has not met its moral minimum duty of social responsibility even if the business later compensates those whom the pollution has injured
Indicate whether the statement is true or false
A noncontractual promise may be enforceable where there has been justifiable reliance on the promise
a. True b. False Indicate whether the statement is true or false