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NEW QUESTION: 1
Unless prohibited by the organization documents, a stockholder in a publicly held corporation and the
owner of a limited partnership interest both have the right to:
A. An investment that has perpetual life.
B. Assign their interest in the business.
C. Control management of the business.
D. Ownership of the business' assets.
Answer: B
Explanation:
Choice "c" is correct. Both a shareholder in a publicly held corporation and the owner of a limited
partnership interest have a right to assign (sell) their interest. While a shareholder is free to assign his
whole ownership interest, a limited partner's assignable interest is limited to the limited partner's interest
in profits and losses. Choice "a" is incorrect. Neither the stockholder of a publicly held corporation nor the
owner of a limited partnership interest (or indeed, even a general partnership interest) has an ownership
interest in any item of the business' assets--the assets belong to the business and not to the owners of the
business. Choice "b" is incorrect. Stockholders and limited partners generally do not have the right to
participate in the management of the business. Choice "d" is incorrect. A limited partnership interest
dissolves upon death of the limited partner and so is not a perpetual investment.
NEW QUESTION: 2
Nature of internal audit activities and quality criteria against which the performance of these services can be evaluated is best portrayed by:
A. Implementation Standards
B. Evaluation Standards
C. Attribute Standards
D. Performance Standards
Answer: D
NEW QUESTION: 3
Answer:
Explanation:
Explanation