Carrie and Callie form a partnership in which Carrie contributes $85,000 in assets and agrees to devote half time to the partnership. Callie contributed $50,000 in assets and agrees to devote full time to the partnership. If no additional information is available, how will Carrie and Callie share in the division of income?
a. 5:8.5
b. 1:2
c. 1:1
d. 2:1
c
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Which of the following arranges the general types of audit tests in the order they are normally performed in an audit?
A. Risk assessment procedures, tests of controls, and substantive procedures. B. Substantive procedures, risk assessment procedures, and tests of controls. C. Risk assessment procedures, substantive procedures, and tests of controls. D. Substantive procedures, tests of controls, and risk assessment procedures.
The difference between a policy and a rule is that
A. a policy does not specify details of how to handle a specific situation, but rules are very specific. B. a policy is not open to interpretation like a rule. C. a policy is related to operational planning and has a narrower scope compared to a rule. D. a policy is rigid, but a rule is comparatively flexible.
Policies define people as disabled if they can't perform
A) the duties of their own occupation. B) the duties of any occupation for which they are reasonably suited. C) their own occupation for the first two years of their disability, and thereafter if they can't perform any occupation for which they are reasonably suited. D) All of the above could be correct, it varies with the policy.
A graphic presentation of the expected gain from the various options open to the decision maker is called _____
a. a payoff table b. a decision tree c. the expected opportunity loss d. the expected value of perfect information