U.S. GAAP and IFRS distinguish between revenues and expenses on the one hand and gains and losses on the other. Which of the following is/are not true?
a. Revenues and expenses result from the recurring, primary operating activities of a business.
b. Income items include the ordinary, recurring operating activities of the firm.
c. Gains and losses result from either peripheral activities or nonrecurring activities.
d. The reporting of revenues and expenses are at gross amounts, and firms report gains and losses at net amounts.
e. Gains and losses result from the recurring, primary operating activities of a business.
E
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Hillary, Bruce, and Cindy own a partnership firm. Hillary has an ownership interest of $24,000; Bruce has an ownership interest of $41,000; and Cindy has an ownership interest of $30,000. In the process of liquidation, the partnership sells non-cash assets and registers a gain of $30,000. The profit-loss sharing agreement is 1/6 to Hillary; 2/6 to Bruce; and 3/6 to Cindy. Which of the following is TRUE when a journal entry for the allocation of gain is recorded?
A) Hillary, Capital is credited for $10,000. B) Cindy, Capital is credited for $15,000. C) Hillary, Capital is debited for $10,000. D) Cindy, Capital is credited for $10,000.
To which situational leadership approaches is the concept of fluidity applicable?
a. path-goal and Hersey/Blanchard b. Hersey/Blanchard and Vroom/Jago c. path-goal and Vroom/Jago d. only path-goal
The first step in the incorporation process is to select a state in which to operate.
Answer the following statement true (T) or false (F)
A receiver is a disinterested person who collects and preserves the debtor's assets and income and disposes of them at the direction of the court which appointed the receiver
Indicate whether the statement is true or false