Which of the following factors is the basis on which the Revised Uniform Partnership Act (RUPA) determines that a partnership exists?
A) the nationality of the partners
B) age of the partners since the lifetime of the partnership will be determined by their age
C) a joint ownership of the business
D) number of partners since profits will need to be divided accordingly
C
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Fraud has a direct dollar for dollar impact on a company's:
a. Revenues. b. Net income. c. Profit margin. d. Stock price.
Which of the following accounting principles requires that warranty expense must be estimated and recognized in the same period when the related sales revenue is recognized?
A) the matching principle B) the disclosure principle C) the revenue principle D) the consistency principle
A major difference between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), is
a. all members of the FASB serve full time, are paid a salary, and are independent of any public or private enterprises. b. over 50 percent of the members of the FASB are required to be Certified Public Accountants. c. the FASB issues exposure drafts of proposed standards. d. all members of the FASB possess experience in both public and corporate accounting.
List and describe the three categories of manufacturing costs