Zack Was a Partner in a Management Consulting Firm That

question 56

Multiple Choice

Zack was a partner in a management consulting firm that specialized in assisting small businesses in the area of financial planning.The firm did not perform income tax savings.However,since Zack had personal expertise in tax accounting,he frequently assisted friends,as well as some firm clients,in preparing their income tax returns.Usually he borrowed the firm's adding machine and other office supplied to perform this work from his home unbeknownst to his partners.Zack may be required to

• A)retire from the partnership for breach of warranty of authority.
• B)account to the other partners for any money received from his income tax service.
• C)assign his share in the partnership to another to take his place in the partnership.
• D)All of the responses are possible
• E)None of the responses are possible.

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Definitions:

Type II Error

A statistical mistake that occurs when a false null hypothesis is not rejected, erroneously indicating no effect or difference when one does exist.

True Average Age

The actual mean age of a group or population, accurately representing the central tendency without bias.

Sample Size

The number of observations or units in a sample taken from a population for the purpose of statistical analysis.

Critical Value

A threshold value that is compared with the test statistic to determine whether the null hypothesis should be rejected in hypothesis testing.