When No Limited Partnership Certificate Is Filed,what Is the Result

question 27

Multiple Choice

When no limited partnership certificate is filed,what is the result?

• A) Only limited partners are fully liable.
• B) Only general partners are fully liable.
• C) Limited partners retain their limited liability.
• D) Both general and limited partners are fully liable.

Analyze the effects of net markups and markdowns on the cost-to-retail ratio and inventory valuation.

Assess the relevance and accuracy of inventory valuation methods for financial reporting.

Comprehend the role of purchase obligations and their impact on financial accounting and reporting.

Understand the principles and applications of various retail inventory methods including FIFO, LIFO, Average Cost, and Lower of Cost or Market.

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Definitions:

Carbocation

A positively charged ion (cation) in which the charge is on a carbon atom, often an intermediate in organic reactions.

Carbanion

An organic ion in which a carbon atom has three bonds and bears a negative charge, often an intermediate in organic reactions.

Free Radical

Highly reactive atoms or molecules with unpaired electrons, involved in a variety of chemical processes including polymerization and combustion.

Haloalkane

A class of organic compounds where one or more hydrogen atoms in an alkane (saturated hydrocarbon) are replaced with halogen atoms (such as chlorine, bromine, or iodine).