A limited liability partnership involves:
A) a partnership in which partners who are not negligent are not personally liable for losses caused by the negligence of another partner or of an employee directly supervised by another partner;
B) a partnership in which partners who are not negligent are personally liable for losses caused by the negligence of another partner or an employee directly supervised by another partner
C) a partnership in which some of the partners limit their liability to the amount of their capital contributions and are not active in the conduct of the business
D) a partnership in which partners who are not fraudulent are not personally liable for the losses caused by the fraud of another partner
E) none of the above
A
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An effective system of internal control is critical to protecting a company's investment in three of its major assets: cash, accounts receivable, and inventory. For each asset, describe how a company might protect that asset
Answer the following statements true (T) or false (F)
1. Managers are most dependent on employees to let them know about unethical behavior occurring in their company or department. 2. The False Claims Act provides protection and assistance to whistleblowers, but it does not provide financial compensation. 3. Without frequent interaction with subordinates, it is difficult for a manager to cultivate approachability. 4. Privacy and confidentiality are key components of a managerial open-door policy. 5. When a direct manager is not ethically approachable, an employee with an ethical issue should always contact a third-party ethics enforcement line or organization.
Which of the following is/are not true regarding a merchandising firm?
a. Inventory appears on the merchandiser's balance sheet initially as an asset. b. Inventory is measured at acquisition cost. c. When a sale takes place, the firm recognizes the cost of the inventory as an expense (cost of goods sold) on the income statement. d. When a sale takes place, the firm recognizes the inventory reduction on the statement of cash flows. e. All of the above are false regarding a merchandising firm.
The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action is known as ________.
Fill in the blank(s) with the appropriate word(s).