Answer the following statements true (T) or false (F)
1. Profits and losses in a partnership must be shared based on each partner's capital balances.
2. If the partnership agreement specifies a method for sharing profits but not losses, then losses are
shared the same way as profits.
3. The sum (or total) of the net income (loss) allocated to each partner should always equal the total net
income (loss) of the partnership.
4. The withdrawal accounts of a partnership are closed at the end of the period, as they are for a sole proprietorship.
5. Like a sole proprietorship's statement of owner's equity, the statement of partners' equity will show all
the partners'capital accounts as one account.
1. False
2. True
3. True
4. True
5. False
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The use of force to drive away a person's customers or employees constitutes the tort of disparagement.
Answer the following statement true (T) or false (F)
In what theory of leadership are strong ideals and leading by core values important?
a. Transformation leadership b. Servant leadership c. Authentic leadership d. Followership
________ are ________ sources of law which, in and of themselves, may not have the force of law
A) U.S. Supreme Court decisions; primary B) Restatements; primary C) U.S. Supreme Court decisions; secondary D) Restatements; secondary
In U.S. v. Allmendinger, involving an insurance scam run by Allmendinger and others, Allmendinger received a much longer prison sentence than a co-conspiriator, which he appealed. The appeals court held that a long prison sentence would be overturned due to Allmendinger's cooperation in the investigation of the crime
a. True b. False Indicate whether the statement is true or false