1. A major advantage of the partnership form is that the personal assets of the partners are protected from creditors in case of legal action- False 2. A partnership is considered an “entity” for accounting purposes- True 3. “Mutual agency” means that one partner can legally bind all the other partners to a contract if it appears that he or she is acting appropriately- True 4. Partners are taxed on their drawings regardless of their share of the income. False 5. If a partnership agreement
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Lorenzo ACCTG 117 Payroll Accounting Management Monday Morning Class 02/04/2014 Matching Quiz 1. B 2. D 3. F 4. A 5. H 6. I 7. J 8. C 9. E 10. G Questions for Review 1. The Department of Labor enforces the Fair Labor Act which sets the basic federal minimum wage at $ 7.25 per hour and for the state of California’s minimum wage is $ 8.00 per hour. 2. The information that needs to be maintained by FLSA concerning employees’ wages earned is data about hours worked. 3. An employer pays half
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Lauren an opportunity to launch his own line of ties. His experience was definitely beneficial to his career as he looked into different aspects of the garment industry and he learnt about his customers which is very important and the key to success. 3. Currently‚ how many divisions does Ralph Lauren operate under his name? Can you identify the target market of each division? Are they homogenous or diverse? Ralph Lauren has over 15 divisions and each division has a clear target market. There are many
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CA 1-4: (a) Differentiate between Financial Accounting and Managerial Accounting. While financial accounting is the process that culminates in the preparation of financial reports on the enterprise for use by both internal (as managers) and external parties (as investors‚ creditors‚ unions‚ and government agencies)‚ managerial accounting is the process of identifying‚ measuring‚ analyzing‚ and communicating financial information needed by management to plan‚ control‚ and evaluate a company’s operations
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Difficulty: Easy Learning Objective: 1-3 2. General partners have limited personal liability for business debts in a limited partnership. FALSE AACSB: Communication Abilities Bloom’s: Knowledge Difficulty: Medium Learning Objective: 1-3 3. The separation of ownership and management is one distinctive feature of corporations. TRUE AACSB: Reflective Thinking Skills Bloom’s: Understanding Difficulty: Easy Learning Objective: 1-3 4. A major disadvantage of partnerships
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network of networks Answer: D Section Ref: The Internet and How It Works 2) The concept of the Internet was developed in response to the ________ War. A) Korean B) Vietnam C) Cold D) Gulf Answer: C Section Ref: The Origin of the Internet 3) The World Wide Web was based on a protocol developed by ________. A) Microsoft B) Apple C) Tim Berners-Lee D) the U.S. government Answer: C Section Ref: The Origin of the Internet 4) The "fathers" of the Internet are Vinton Cerf and ________
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Name Chapter 4--Profitability Analysis Description Instructions Modify Add Question Here Question 1 Multiple Choice 0 points Modify Remove Question One important difference between return on assets (ROA) and return on common shareholder’s equity (ROCE) is Answer ROA does not differentiate based on how a company finances its assets‚ ROCE does. ROA does not distinguish between the different types of income items‚ such as income from continuing operations‚ discontinued
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Auditing‚ 12e (Arens) Chapter 1 The Demand for an Auditing and Assurance Profession 1.1 Identify the components of an audit and explain why there is a demand for audits 1) Which of the following illustrates the definition of auditing with respect to the evidence analysis process? A) accumulation and evaluation of evidence about balance sheet accounts B) learning about different types of computing technology‚ such as mainframes C) writing an operational audit report that is tailored to the client’s
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PROBLEM:01 The formula which breaks down the return on equity into three component parts is referred to as DuPont formula. PROBLEM:02 The Purple Martin has annual sales of $687‚400‚ total debt of $210‚000‚ total equity of $365‚000‚ and a profit margin of 4.80 percent. What is the return on assets? ROA = net income / total assets ROA = (687400 * 4.80) / (210000 + 365000) ROA = 5.74 PROBLEM:03 The Meat Market has $747‚000 in sales. The profit margin is 4.1 percent and the firm has 7
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following items: 1. Prepare an “as if” income statement for 2008 assuming (1) no change in accounting policy and (2) sales of 10‚000 mower units each quarter at a price of $2‚000 per unit with Selling‚ General and Administrative costs the same as they were in 2008. 2. How would this change if the unit sales pattern was 10‚000 units‚ 5‚000 units‚ 20‚000 units‚ and 5‚000 units in the four quarters? Why? 3. Assume 10‚000 units are sold each quarter in 2008. If the company adopted FIFO on January
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