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NEW QUESTION 31
Which of the following statements is true regarding partnership liquidation?

A. Operations can continue after the liquidation if all partners agreeB. Partnership liquidation ends both the legal and economic life of an entityC. Partnership liquidation occurs when there is capital deficiency StableD. When a partnership is liquidated, each partner pays creditors from cash received

Answer: B

 

NEW QUESTION 32
A retail organization mistakenly did not include S10.000 of inventory in the physical count at the end of the year. What was the impact to the organization's financial statements?

A. Cost of sales is understated and net income is overstated.B. Cost of sales is overstated and net income is understated.C. Cost of sales and net income are understatedD. Cost of sales and net income are overstated

Answer: A

 

NEW QUESTION 33
According to IIA guidance on IT. which of the following plans would pair the identification of critical business processes with recovery time objectives?

A. The business case for business continuity planningB. The business continuity risk assessment planC. The business continuity management charter.D. The business impact analysis plan

Answer: D

 

NEW QUESTION 34
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