The salary allocation to partners used in dividing net income would also appear as salary expense on the partnership income statement
Indicate whether the statement is true or false
False
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The partners' rights in partnership entitle them to:
A. take possession of any item of partnership property for personal purposes if its value does not exceed their share of the assets of the partnership. B. devise to an heir any individual item of the firm's property. C. take possession of any item of partnership property for partnership purposes only. D. sell any item of the firm's property if its value does not exceed their share of the assets of the partnership.
The real issue in fairness refers to giving people equal rewards __________.
a) whether or not one likes them b) for accomplishing the same amount of work c) no matter what their racial or ethnic group d) when they have equal years of experience
Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?
A) debit Notes Receivable; credit Cash B) debit Cash; credit Miscellaneous Income C) debit Cash; credit Notes Receivable D) debit Accounts Receivable; credit Cash
Shari's manager asked her to identify, track, evaluate, and provide key benchmarks for improvement in her marketing department. To do this, Shari used ________.
A. market creation B. strategic marketing C. market research D. marketing metrics E. the marketing mix