Which of the following is the correct definition for a partnership?
A) An association of two or more persons with one or more general partners and one or more limited partners
B) A legal entity ordinarily consisting of an association of numerous individuals
C) An association of two or more persons to carry on as co-tenants in business
D) An association of two or more persons to carry on as co-owners a business for profit
D
You might also like to view...
A compensating balance arrangement usually results in which of the following for a company?
a. Increase its interest income. b. Increase the effective interest rate on corporate borrowing. c. Decrease the effective interest rate on corporate borrowing. d. Exhibit no change in the effective interest rate on corporate borrowing.
The Public Company Accounting Oversight Board was created by the
a. Sarbanes-Oxley Act. b. GASB. c. IRS. d. IASB.
If an entity qualifies as a variable interest entity (VIE), U.S. GAAP requires the primary beneficiary of the VIE to consolidate the VIE
Indicate whether the statement is true or false
The April 30 bank statement for Trimble Corporation shows an ending balance of $35,851. The unadjusted cash account balance was $29,750. The accountant for Trimble gathered the following information: 1. There was a deposit in transit for $4530. 2. The bank statement reports a service charge of $74. 3. A credit memo included in the bank statement shows interest earned of $295. 4. Outstanding checks totaled $11,680. 5. The bank statement included a $1270 NSF check deposited in April. What is the true cash balance as of April 30?
A. $33,231 B. $32,936 C. $28,701 D. $27,431