Which of the following is a disadvantage of a general partnership?
A) The control of a partnership is skewed in favor of the partner who invests most capital.
B) Partnerships do not have perpetual existence.
C) Both a partnership and its individual partners are taxed separately.
D) The partnership agreement does not allow partners to leave the business.
B
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Goodwill can be recorded as an asset when a(n)
a. business has above normal profitability compared to other businesses in its industry. b. business can determine that it has created customer goodwill and name recognition. c. offer is received to purchase the business at a price in excess of the value of the assets. d. business is purchased and payment is made in excess of the value of the net assets.
Because noncash investing and financing transactions do not affect cash, they should not be reflected in the body of the statement of cash flows
Indicate whether the statement is true or false
When a petty cash fund is established, the entry contains a credit to Cash
Indicate whether the statement is true or false
All of the following are true regarding conflict in teams except ______.
A. Stimulating information exchange among team members is a benefit of moderate levels of task conflict B. Differences in opinion may improve decision quality C. Moderate task conflict hinders creativity in a team D. Task conflict helps force members to see other viewpoints