A written partnership agreement is called articles of partnership

At what point is an asset considered to be impaired?

Select one: A. When the net book value is greater than the sum of expected cash flows B. When the net book value is less than the fair value C. When the net book value is less than the sum of expected cash flows D. When the net book value is greater than the fair value

The main purpose of the statement of retained earnings is to

A. compare the amounts of retained earnings and contributed capital. B. show the percentage of assets financed from retained earnings. C. explain changes in retained earnings during the period. D. provide information for managers of a corporation.