In general, an acceptance is effective upon dispatch
Indicate whether the statement is true or false
True
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When a partner withdraws from the partnership by selling his or her interest back to the partnership, the remaining partners must pay the withdrawing partner a specified amount from their personal assets
a. True b. False Indicate whether the statement is true or false
How does moral identity differ from moral awareness?
a. Moral identity is action based; moral awareness is more abstract. b. Moral identity is easier to quantify than moral awareness. c. Moral identity can show strong or weak morality, but moral awareness cannot. d. Moral identity is a self-concept; moral awareness is a characteristic.
The revenue recognition principle:
A. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold. B. Prescribes that accounting information is based on actual cost. C. Prescribes that a company record the expenses it incurred to generate the revenue reported. D. Prescribes that a company report the details behind financial statements that would impact users' decisions. E. Provides guidance on when a company must recognize revenue.
In relation to a set of 2015 basic financial statements, a subsequent event is one that
a. occurs before the 2015 financial statements are issued. b. involves uncertainty as to possible gain or loss that will ultimately be resolved in 2016 or later. c. occurs after the 2015 financial statements are issued. d. requires an appropriate adjusting entry to be made as of the end of 2015.