Incoterms describe three issues that arise in a commercial transaction. Which of the following is not one of these issues?
A. Which party covers the costs.
B. Which party does which tasks.
C. Which party's jurisdiction is used to resolve conflicts.
D. Which party bears the risk.
Answer: C
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J. O'Keefe and J. Kisha combined for a 50/50 partnership in 1980 and continued to do business successfully for many years. In January 2011, J. Kimley offered to contribute a sizable amount of working capital and was accepted as a partner in the business. J. O'Keefe and J. Kisha each own 40% of the business and J. Kimley 20% of the business partnership. Profits and losses are to be shared
according to these percentages. Due to the lagging economy and a sudden loss of profits, all three agree to liquidate the business and enjoy a gain on the sale of their major asset, which was purchased in 1981 . This should be distributed a. 50% to J. O'Keefe; 50% to J. Kisha. b. 40% to J. O'Keefe; 40% to J. Kisha; 20% to J. Kimley. c. equally among the three partners at the time of the sale. d. 100% into the partnership dissolution revenue account.
Fixed costs per unit are constant along a defined range of activity
Indicate whether the statement is true or false
The obligation to provide services to another entity is a type of liability
Indicate whether the statement is true or false
Which of the following could not possibly be a closing entry?
A) Debit Income Summary and credit Retained Earnings B) Debit Income Summary and credit Dividends C) Debit Retained Earnings and credit Dividends D) Debit Retained Earnings and credit Income Summary