In an LP, who generally finds the best way to do business?
What will be an ideal response?
Answer: Joint owners who want partnership tax treatment and some nonmanaging investors; general partners must be willing to assume personal liability for business debts.
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The cash payments journal would be used to record the following transaction(s):
a. payment of cash for liability insurance. b. payment of invoice for merchandise purchased. c. payment of rent for the month. d. All answers listed are correct.
To evaluate the performance of individual departments, interdepartmental transfers of a product should preferably be made at prices
a. equal to the market price of the product. b. set by the receiving department. c. equal to fully-allocated costs of the producing department. d. equal to variable costs to the producing department.
A manager who can see how the various tasks within the organization fit together and how each task contributes toward the "big picture" has strong
A. problem-solving skills. B. diagnostic skills. C. technical skills. D. conceptual skills. E. interpersonal skills.
Ad substantiation does not require advertisers to have a reasonable basis for their claims at the time the claims were made
a. True b. False Indicate whether the statement is true or false