U.S. GAAP and IFRS view ownership of more than 50% of an investee as implying an ability to control the investee, unless evidence indicates to the contrary
Indicate whether the statement is true or false
T
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If only one or two overhead cost pools are used,
a. it will be easy to determine which products or services are creating the most costs. b. overhead created by a specific product will be assigned to all products. c. the reduction in cost accumulation and allocation time will raise company profits. d. allocations should be made using only unit-based cost drivers.
List two advantages of properly documenting research data
Which of the following metrics is used to calculate the time required for a particular repetition of a task or to produce a particular unit of an item?
a. unit time coefficient value b. flow time coefficient value c. production time coefficient value d. total time coefficient value
International Exports, L.P., is a limited partnership, with $100,000 in declared but unpaid profits. International's creditors include Friendly Credit Corporation for $5,000 and Gwen, one of International's limited partners, also for $5,000. When Harry, one of International's general partners, decides to retire, the other general partners vote to liquidate and dissolve the firm. The limited partners, who are not asked their opinions, want International to continue in business and file a suit against the general partners to compel this result. Can the court order International to continue? If not, what is the priority of the distribution of International's assets on its dissolution?
What will be an ideal response?