Tim Is a Partner at Starland Properties and Gives One

question 10

Multiple Choice

Tim is a partner at Starland Properties and gives one of Starland's customer lists to Sun Realty, the firm's leading competitor. In this situation, Tim has violated:

• A) the duty too act with apparent authority.
• B) the duty to indemnify partners.
• C) the duty to account.
• D) the duty to maintain confidentiality of partnership information.

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Definitions:

Unearned Accounting Fees

Fees received for accounting services that have not yet been performed, considered a liability until the services are provided.

Accounting Services

Professional services that include bookkeeping, tax preparation, auditing, and financial analysis for individuals or businesses.

Unadjusted Trial Balance

A financial statement listing all the accounts and their balances before any adjustments are made, used for internal purposes to check the balance of debits and credits.

Depreciation Expense

The allocated amount of the cost of an asset over its useful life, used to account for declines in value.