If Jack Contributed $1000 as a Limited Partner, Signed a Certificate

question 31

Multiple Choice

If Jack contributed $1000 as a limited partner, signed a certificate, but the certificate was filed in the wrong office, Jack:

• A) will not be liable as a general partner if he quickly withdraws from the business and renounces future profits.
• B) is not a partner at all and may withdraw his contribution.
• C) cannot avoid liability as a general partner under any circumstances.
• D) may become a limited partner by giving constructive notice of the defective filing to all potential business contacts by an advertisement in a publication of general circulation.

Understand the impact of various transactions on the return on assets ratio and total asset turnover.

Identify transactions that affect the financial statements and how they influence specific ratios.

Understand the components and preparation of a multiple-step income statement.

Analyze the effects of sales, expenses, and transactions on net income, gross profit, and stockholders' equity.

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Definitions:

Pyramid

A monumental structure with a square or triangular base and sloping sides that meet in a point at the top, used in ancient cultures as a tomb or temple.

Mexico City

The capital city of Mexico, known for its rich history, cultural significance, and as a major economic and political center in Latin America.

Population Pyramid

Is a graphic representation that shows the distribution of various age groups in a population, which forms the shape of a pyramid when the population is growing.

Age-Sex Histogram

A graphical representation that shows the distribution of various age groups in a population which typically forms the shape of a pyramid.