What term is used to describe a partnership without a specified duration?
A. A perpetual partnership.
B. A partnership by estoppel.
C. An indefinite partnership.
D. A partnership at will.
Answer: D. A partnership at will.
Business
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One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is
a. failure to reflect current value information. b. the extensive use of separate classifications. c. an extensive use of estimates. d. failure to include items of financial value that cannot be recorded objectively.
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In cases of noncompliance with the Bulk Sales Act, the party likely to be MOST adversely affected would be the
A. seller. B. purchaser. C. creditors of the seller. D. Franchise Tax Board.
Business