Which of the following acts is within the ordinary course of the partnership business?
a. Execution of contracts of guaranty or suretyship in the firm name
b. Payment of an individual partner's debts out of partnership assets
c. Sale of partnership property not held for sale in the usual course of business
d. Assignment of partnership property for the benefit of its creditors
d
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For manufacturing firms, the balance sheet reports the costs of incomplete items as
a. Raw Materials Inventory. b. Work-in-Process Inventory. c. Finished Goods Inventory. d. Cost of goods ready for sale. e. none of the above
Collaborating with local partners can help firms to:
a. Surmount regulations regarding entry modes that are imposed by the host government b. Obtain essential information about local customers, distribution networks and suppliers c. Circumvent legal obligations d. a and b
Reliable Insurance Company employs Stuart as an agent. To terminate Stuart's authority, Reliable Insurance must notify
a. only third parties who are aware of the agency relationship. b. the public generally. c. Stuart and any third parties who are aware of the agency relationship. d. Stuart only.
In a business plan, it is important to demonstrate that you have "skin in the game."
Answer the following statement true (T) or false (F)