Consider Two People Who Are Currently Out of Work

question 23

Multiple Choice

Consider two people who are currently out of work. Bernie is not looking for work because there have been many job cuts where he lives and he doesn't think it likely that he will find work. Bev is not currently looking for work, but she would like a job. While she hasn't looked for work for some time, she has looked for work in the past. How does Statistics Canada consider Bernie and Bev?

• A) Statistics Canada considers both Bernie and Bev to be discouraged searchers.
• B) Statistics Canada considers neither Bernie nor Bev to be discouraged searchers.
• C) Statistics Canada considers only Bernie to be a discouraged searcher.
• D) Statistics Canada considers only Bev to be a discouraged searcher.

Identify the responsibilities and liabilities of partners during dissolution.

Describe the process and implications of winding up a partnership.

Distinguish between general and limited partners' roles, rights, and obligations.

Recognize the legal procedures for partnership dissolution by act of a partner or by law.

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances before producing financial statements, necessary for the accrual basis of accounting.

GAAP

Generally Accepted Accounting Principles; a collection of standardized guidelines and practices for financial accounting.

Income Summary

An account in the closing process that summarizes revenues and expenses for a period, transferring the net result to owner's equity.

Retained Earnings

The portion of a company's profits not distributed as dividends but reinvested in the business or kept as reserve.