Partners always share profits and losses equally.

Answer the following statement true (T) or false (F)


False

Rationale: Partners may agree to share profit and losses at a different ratio.

Business

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Ross Corp uses the indirect method to prepare the statement of cash flows

Refer to the following section of the comparative balance sheet: Ross Corp Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Increase/(Decrease) Accounts Payable $8,000 $9,000 $(1,000 ) Accrued Liabilities 3,000 1,500 1,500 Long-term Notes Payable 56,000 60,000 (4,000 ) Total Liabilities $67,000 $70,500 $(3,500 ) The change in Accrued Liabilities is shown as a negative cash flow in the adjustments to net income. Indicate whether the statement is true or false

Business

In a process map, a circle represents a step or activity in the process

Indicate whether the statement is true or false.

Business

If money is invested at 8% per year, after approximately how many years will the interest earned be equal to the original investment?

A) 7 years B) 8 years C) 9 years D) 11 years

Business

The Earnings Per Share measure appears on which of the following financial statements?

A. Statement of Cash Flows B. Retained Earnings Statement C. Income Statement D. Balance Sheet

Business