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1. All of the following are benefits of the partnership form of doing business except...

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Accounting

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1. All of the following are benefits of the partnership form of doing business except a. no taxation for the partnership itself. b. ease of formation. c. the freedom of partners to determine their relationship to each other in terms of how profits and losses are allocated. d. limited liability. 25. From the standpoint of accounting theory, which of the following statements is the best justification for the preparation of consolidated financial statements? a. Legally the companies are one entity, but from a management perspective the companies are separate. b. Legally and from a management perspective, the companies are separate entities. c. Legally the companies are separate, but from a management perspective the companies are one entity. d. Legally and from a management perspective, the companies are one entity. 26. Which of the following will decrease the Equity in Subsidiary Earnings account when the equity method is used? a. Amortization of the excess of fair value over book value related to undervalued equipment b. Investor's share of investee net income c. A decrease in the share price of the investee's common stock d. Investor's share of investee's declared dividends

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