A Partner

question 50

Multiple Choice

A partner:

• A) cannot be held criminally liable for the crimes of his partners.
• B) may be criminally liable for the crimes of his partners if he authorized the acts.
• C) who commits a tort is liable to the third party only through the partnership entity.
• D) has joint and several liability with his partners for contracts entered and for torts and crimes committed by other partners.

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Definitions:

Unit Product Cost

The cost incurred to produce, manufacture, or acquire a single unit of a product.

Predetermined Overhead Rate

A rate calculated at the beginning of a period, used to allocate estimated overhead to individual products or job orders based on a specific activity base.

Manufacturing Departments

Specific divisions within a manufacturing facility, each responsible for different aspects of the production process.

Predetermined Overhead Rates

A rate calculated before a period begins, used to allocate manufacturing overhead costs to products based on a selected activity base, such as machine-hours.