Which of the following will cause a limited partner to lose limited liability status?
A)?Participation in discussions and voting on partnership decisions
B)?Use of name in firm name
C)?Contribution greater than other limited partners
D)?Employment with the partnership
E)?All of the above
B
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?Mobi's is a new company that manufactures premium apparel for men. It needs funds for expanding its production units and is planning to issue the first lot of shares. These shares will be traded in the _____.
A. ?primary market B. ?secondary market C. ?tertiary market D. ?closed market
When agents make advances from their own funds in conducting the principal's business, the principal has:
A. a duty to reimburse the agent for expenses incurred for the principal. B. a duty to reimburse the agent even if the agent is not acting within the scope of his/her authority. C. no duty to reimburse the agent because the agent commingled fungible goods. D. no duty to reimburse the agent because the agent has assumed the burden.
Variance analysis includes all of the following except
A) taking corrective action. B) investigating all significant and insignificant variances. C) developing performance measures to track activities causing the variance. D) computing variances.
Changes in accounting estimates are:
A. Statement of cash flow items. B. Considered accounting errors. C. Accounted for with a cumulative "catch-up" adjustment. D. Reported as prior period adjustments. E. Accounted for in current and future periods.