Which of the following is a disadvantage of partnership firms?
A) They cannot be dissolved without the permission of the SEC.
B) They are taxed at multiple levels: corporate level and individual level.
C) They have more difficulty in raising capital as compared to a sole proprietorship.
D) They have mutual agency which creates personal obligations for each partner.
D) They have mutual agency which creates personal obligations for each partner.
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Acme Global has a very large labor surplus and needs to cut costs quickly. Its best method for dealing with its surplus would be ______.
A. downsizing B. early retirement C. job sharing D. natural attrition
Neiman-Marcus is a retailer with whom many small manufacturers would like to be associated. Distribution with Neiman-Marcus will increase the prestige of a smaller brand. The source of Neiman-Marcus's power is its
A. economic influence. B. legitimate rights through contracts. C. sought-after identification with a particular channel member. D. expertise. E. longevity as an upscale retailer.
Standards do not have to be stated in numbers and be measurable, so words such as excellent and superior are good to use.
Answer the following statement true (T) or false (F)
Odette, an accountant, contracts to perform services for Percy. Odette acts in good faith and conforms to generally accepted accounting principles, but makes an incorrect judgment. Odette is most likely? A) liable if Odette failed to discover a defalcation
B) liable if Odette failed to discover a fraud. C) liable if Odette failed to discover an impropriety. D) not liable.