[APPENDIX] Which of the following statements regarding partnerships is true?
a. Partnerships must register with the federal government.
b. Partnerships pay taxes to the IRS.
c. Partners must register with the state government.
d. Partners must abide by the separate entity concept and keep their personal assets separate from the partnership assets.
d
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The best indicator for assessing a firm's long-term solvency risk is its ability to generate what over a period of years?
a. Sales b. Earnings c. Positive cash flows d. Income from continuing operations
According to the FASB's conceptual framework, comprehensive income includes which of the following? Gross Profit Operating Income
a. No No b. No Yes c. Yes Yes d. Yes No e. None of these answer choices is correct.
Which of the following is not one of the three phases which is needed when changing an accounting system, either in its entirety or in part?
A) analysis B) design C) review D) implementation
Wolf Industries plant operates five days per week with a daily payroll of $50,000. Employees are paid every Saturday for the work week just completed (Monday through Friday). The last day of the month is Wednesday, May 31. The correct adjusting entry at May 31 is
A) Wages Expense 50,000Wages Payable 50,000 B) Wages Payable 50,000Cash 50,000 C) Wages Expense 150,000Cash 150,000 D) Wages Expense 150,000Wages Payable 150,000