A partner cannot assign his interest in the partnership without dissolving the partnership
Indicate whether the statement is true or false
False
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Creighton, Inc determined that it had incorrectly estimated both the useful life and the estimated residual value of equipment which it purchased 2 years ago. When accounting for the change in its accounting estimates, Creighton must
a. correct the financial statements of prior years affected by the errors in the estimates. b. determine the book value at the point of change and depreciate that amount over the remaining useful life. c. add the amount of the error to the amount of the current year's depreciation expense. d. determine the effect of the error and report it as a loss on the income statement in Other Revenues and Expenses.
The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals reflects the
A. principle of customer relationship management. B. concept of synergy. C. societal marketing concept. D. marketing concept. E. consumerism concept.
__________is the way in which an organization groups its resources to accomplish its mission.
A. Organizational structure B. Vision C. Organizational culture D. Centralization E. Formalization
Under current GAAP, the rate of interest assigned to non-interest-bearing notes is
A. the borrower's incremental borrowing rate. B. the lender's incremental borrowing rate. C. the interest rate for long-term government securities. D. the prime rate.