Which of the following is TRUE of a liquidation of a partnership?
A) It allocates the gain or loss on sale of assets to the partners' capital accounts based on the profit-and- loss-sharing ratio.
B) The remaining cash after paying all liabilities are paid to the partners based on their profit-and-loss-
sharing agreement.
C) Before a business is liquidated, its books should not be adjusted or closed.
D) It involves the selling of short-term liquid assets and does not involve the sale of fixed assets.
A) It allocates the gain or loss on sale of assets to the partners' capital accounts based on the profit-and- loss-sharing ratio
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A job description defines and discusses all the essential knowledge, skills, and abilities that are needed to fill a position.
Answer the following statement true (T) or false (F)
Use the information in Scenario B.4. What is the average number of customers waiting in line for service?
A) fewer than or equal to 4.0 B) greater than 4.0 but fewer than or equal to 4.5 C) greater than 4.5 but fewer than or equal to 5.0 D) greater than 5.0
Garza Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: CastingCustomizingMachine-hours 20,000 13,000Direct labor-hours 1,000 7,000Total fixed manufacturing overhead cost$152,000$68,600Variable manufacturing overhead per machine-hour$2.10 Variable manufacturing overhead per direct labor-hour $4.30The estimated total manufacturing overhead for the Customizing Department is closest to:
A. $30,100 B. $68,600 C. $98,700 D. $54,110
In the context of monitoring ethics and social responsibility,which of the following statements is true of a social audit?
A. The threat of government legislation keeps some industries motivated to self-regulate. B. It does notaccount for social-responsibility indicators, such as community involvement. C. Firms that monitor themselves are entitled to tax exemptions for most of their services. D. Determining how to measure the achievement of goals is the starting point for a social audit.