Which one of the following best defines an internal event in terms of accounting?
a. Every type of transaction is an internal event.
b. An event recognized in a set of financial statements.
c. A happening of consequence to an entity.
d. An event occurring entirely within an entity.
d
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In the U.S., the Family Medical Leave Act stipulates that organizations must provide
a. paid time off for mothers when they give birth. b. unpaid time off for mothers when they give birth. c. paid time off for fathers when their wives/partners give birth. d. paid time off when parents adopt
Which of the following is true about the rights of partners in a partnership?
a. A partner is a co-owner of partnership property. b. Transfer of a partner's transferable interest leads to the partner's dissociation. c. A partner may be required to accept a distribution in kind. d. In the absence of an agreement, the partners of a partnership share the profits equally.