A Partner Owner)who Invests Money in a Business,does Not Take

question 319

Multiple Choice

A partner owner) who invests money in a business,does not take an active role in managing the operation,and is only subject to losing the funds he/she invested.

• A)Implied partner.
• B)Limited partner.
• C)Partial partner.
• D)Corporate partner.

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Definitions:

LIFO

A inventory valuation method where the last items added to inventory are the first ones sold, standing for "Last In, First Out."

Average Cost

A calculation of the total cost of goods available for sale divided by the total units available for sale, used to compute cost of goods sold in certain inventory valuation methods.

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold in a company.

Periodic Inventory System

An inventory system in which the inventory count and cost of goods sold calculation are performed at specific intervals, typically at the end of an accounting period.