Which of the Following Concepts (Or Principles)addresses the Ability of Partners

question 155

Multiple Choice

Which of the following concepts (or principles) addresses the ability of partners to commit other partners and the business to a contract?

• A) Going-concern concept
• B) Cost principle
• C) Mutual agency
• D) Objectivity principle

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Definitions:

Accordion Concerts

Live musical performances featuring the accordion, a portable keyboard instrument with bellows and sometimes buttons or keys.

Market Segmentation

The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics.

Marginal Cost

The cost of producing one additional unit of a good or service, calculated by the change in total cost that arises from an extra unit of output.

Demand

The measure of a good or service that people intend and are able to acquire at differing prices throughout a designated time span.