________ Occur(s)when Partners Accept an Act of a Partner Who

question 9

Multiple Choice

________ occur(s) when partners accept an act of a partner who had no actual or apparent authority to do the act when it was done.

• A)Arbitration
• B)Defamation
• C)Indemnification
• D)Ratification

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Definitions:

Industry Average Turnover

A measure comparing a company's sales or revenues relative to the average of its industry, indicating how efficiently a company is utilizing its assets.

Year Ended Sales

refers to the total revenue a company generates from sales activities during a fiscal year before any expenses are subtracted.

Receivable Averages

A metric that calculates the average amount of accounts receivable over a certain period to assess a company's efficiency in collecting money owed.

Interest Revenue

The income earned from lending money or investing in interest-bearing assets.