In the computation of a partner's Loss Absorption Potential (LAP), the individual partner's capital balance and profit-and-loss percentage are used in which of the following ways? Partner's NetCapital balanceProfit and LosspercentageA)DenominatorNumeratorB)NumeratorNot usedC)NumeratorDenominatorD)Not usedDenominator
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
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One of the main purposes of a concept test is to choose the most promising concept from a set of alternatives
Indicate whether the statement is true or false
Explain the Principle of Veracity.
What will be an ideal response?
JAX Inc In early 2012, JAX Inc had budgeted for the production and sales of 5,000 units at a sales price of $15 per unit. The following information is available regarding the standard cost for each unit: Direct materials: 1.50 pounds at $2.50 per lb Direct labor: 30 minutes of assembly at $.20 per minute Actual results for 2012 were determined to be as follows: Number of units produced and sold:
5,600 units Sales revenue: $100,800 ($18 per unit) Direct materials cost: $ 22,848 (9,520 lbs purchased and used at $2.40 per lb) Direct labor cost: $ 38,192 (173,600 minutes at $.22 per minute) Refer to the JAX Inc information above. What was JAX Inc's direct materials usage variance for 2012? A) $2,800 F B) $2,800 U C) $2,688 F D) $2,688 U
According to the advocates of ethical relativism,
A. each company should have the flexibility to set its own standards for deciding whether the use of underage labor and/or the payment of bribes/kickbacks are ethically acceptable or not. B. if the use of underage labor and/or the payment of bribes/kickbacks are not legal but locally acceptable in a particular country, then it is morally correct and ethical for a company to use these practices in that country. C. each industry should go by standards established by competitors for deciding whether the use of underage labor and/or the payment of bribes/kickbacks are ethically acceptable or not. D. it is very clear that the use of underage labor or the payment of bribes and kickbacks are ethically impermissible-local customs, behavioral norms, and traditions absolutely cannot be taken into account. E. if the use of underage labor and/or the payment of bribes/kickbacks are acceptable in a particular culture/society/country, then a case can be made that it is morally correct and ethical for a company to use these practices in conducting its business activities in that culture/society/country.