All of these are items that establish legitimacy EXCEPT
A. a professional business card.
B. a land line.
C. a high-quality Web page.
D. a bank line of credit.
Answer: B
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Treetop Company paid off a $100,000 two-year note payable. The effect of this transaction is that the
a. earnings per share increased b. current ratio decreased c. debt-to-equity ratio increased d. debt-to-equity ratio decreased
Under inflationary conditions, the least conservative inventory method is lifo
Indicate whether the statement is true or false
William Blackstone, an English jurist, defined law as "a rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong."
a. True b. False Indicate whether the statement is true or false
With regard to taxation of partnerships, which of the following statements is correct?
A. Profits are taxed twice. B. Each partner is taxed in the same way as a sole proprietor. C. Taxes are paid on a partnership's profits, after which each partner pays taxes on his or her share of the profits. D. A partnership is exempt from taxes. E. The partnership is taxed as a separate entity.