In a Partnership of A, B , and C, a Commits

question 47

True/False

In a partnership of A, B , and C, A commits fraud which creates a liability to the partnership of $9,000.If the three partners share profits and losses equally, A 's liability to the partnership for his fraudulent act is $3,000.

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Definitions:

Utilities Expense

The cost incurred by a business for basic utilities such as water, electricity, gas, and sewage services.

Slide

The error that results in adding or deleting zeros in the writing of a number. Example: 79,200 → 7,920.

Error

A mistake or inaccuracy in financial records or calculations.