A partner is not liable to the partnership for the value of partnership property that he or she uses for individual purposes.
Answer the following statement true (T) or false (F)
False
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Transfer prices
a. cannot be used when decentralized units are set up as cost centers. b. can be set as low as the variable cost per unit. c. should never be negotiated. d. can be set above the market price.
As product costs are incurred in the manufacturing process, they are accounted for as assets and reported on the balance sheet as inventory
Indicate whether the statement is true or false
The report writer alone is responsible for identifying the audience for the report
Indicate whether the statement is true or false
The Anderson v. Bellino case held that
a. the defendant did not act in good faith and violated the corporate opportunity doctrine. b. the business judgment rule protected the plaintiff's decision to award the Keno contract to an outside firm. c. the plaintiff was not able to show that the defendant violated the corporate opportunity doctrine. d. the defendant's action was not a conflict of interest and was made in good faith.