"Unlimited liability" means
a. a partnership has a limited life; b. any partner can bind the other partners to a contract; c. each partner is personally liable for all debts; d. partnerships are not subject to federal income taxes; e. a partnership may have an unlimited number of partners.
C
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Target costing identifies a competitive price and then subtracts the desired profit to determine a target cost
Indicate whether the statement is true or false
Why would a firm prepare pro forma financial statements?
a. to ascertain whether operations will generate sufficient cash flows to finance expenditures on long-term assets or whether the firm will need to borrow more b. to analyze the effect of a change its product lines or pricing policies and the impact on rates of return. c. to project future financial statement amounts for an acquisition target to ascertain the price it should pay d. all of the above e. none of the above
According to Hofstede’s Model of National Culture, in a culture with a(n) _________ there is little intent to save for the future and a focus on relatively quick results.
A. long-term orientation B. power-distance orientation C. individualist orientation D. short-term orientation E. collectivist orientation
Tuesday Electric Company uses the direct method to prepare its statement of cash flows
Tuesday has reported operating expenses of $63,000 on its income statement for the year 2017. If the balance in accrued liabilities has increased by $6,000 during the year, then $6,000 needs to be added to $63,000 to calculate payments to suppliers for operating expenses. Indicate whether the statement is true or false