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Kaplan BEC Notes

BEC Flashcards for CPA

QuestionAnswer
GP: What are 6 ACTIONS that require UNANIMOUS CONSENT from all general partners? (ATLSCA) (A) - Admitting a new partner (T) - Transfer of partnership property (L) - Admission of liability (S) - Submitting a claim for arbitration (C) - Any fundamental changes (A)- Changing the partnership agreement
GP: What 5 DUTIES do partners owe to a general partnership? (DIAL-O) (D) - Due Care (I) - Informing them of relevant events (A) - Accounting for funds spent and received (L) - Loyalty. No kick backs, self-dealing or secret profits (O) - Obedience. Acting within authority given by partnership.
Cost: Define Joint Products The products that result from a common input. These are the MAIN products
Cost: Define By-Products Minor products that result from the manufacture of the main product
Cost: Define Split Off Point Point where the joint products can be recognized as individual products
Cost: Define Joint Product Cost (or Joint Cost) Costs incurred in producing products up to split off point
Cost: Define Separable Costs Costs incurred on a product after split-off
Cost: What are Standard Costs Cost firm expects it should incur during production
FORMULA: Standard Direct Costs Standard Price x Standard Quantity
FORMULA: Indirect (Overhead) Costs Standard (Predetermined) Application Rate x Standard Quantity
Describe PROCESS COSTING (1) Requires accounting for the physical flow of units and costs (2) Total units charged to dept MUST EQUAL total units accounted for (3) Total costs charged to dept MUST EQUAL total costs accounted for
CORPORATION - What 3 things must be identified in the Articles of Incorporation (1) Name of the CORPORATION(2) Name of the REGISTERED AGENT(3) Number of AUTHORIZED SHARES
CORPORATION: TRUE/FALSE: A PERSON CAN BE A SHAREHOLDER, OFFICER, AND DIRECTOR SIMULTANEOUSLY TRUE
CORPORATION: DOMESTIC vs FOREIGN CORPORATION You can only be a domestic corporation in one state - the original state that you are incorporated in. You are a FOREIGN COMPANY - in any other states, other than the original state of incorporation, in which you do business.
CORPORATION: What is the difference between Articles of Incorporation and Bylaws? (1) Articles of Incorporation are filed with the state. (2) Bylaws are company specific and initially adopted by incorporators or BOD. No state filing required.
CORPORATION: What are BYLAWS? They are the rules of management for the corporation; establish quorum requirements; govern directors and officers; and are adopted at the 1st meeting;
GP:What is a partnership by estoppel? The appearance of a partnership when there is no formal partnership. If parties who are not partners give the appearance to 3rd parties that they are partners, they will be treated as such under the law.
GP: Define General Partnership An agreement between 2 or more persons who agree (expressly or impliedly) to carry on as co-owners of an ongoing business for profit.
GP: What are the requirements of the Fictitious Name Statute All business doing DBAs must: (1) Register the name under which the business is conducted (2) the names and addresses of all persons conducting the business.
GP: Explain the concepts of ACTUAL AUTHORITY and APPARENT AUTHORITY ACTUAL AUTHORITY: All right given EXPRESSLY to a partner or can be reasonably IMPLIED based on his/her position as a partner. APPARENT AUTHORITY are the rights that a 3rd party believes that a partner has.
GP: What is the Statement of Authority? A document filed with the state that GRANTS a partner authority (other than sale of real property) to enter into transactions involving TRANSFER OF PERSONAL PROPERTY on behalf of the partnership. It remains in effect until cancelled.
GP: Explain the Limitations on Authority Limitations on Authority filed with the state DO NOT constitute constructive notice to third parties. Only applicable to transfer of PERSONAL PROPERTY.
GP: T/F The filing of a Statement of Authority constitute notice to a 3rd party for sale of REAL PROPERTY? TRUE
GP: What are the 5 actions that can cause a dissociation? (DEWBE) D - Death; E - Occurrence of an EVENT that partners had previously agreed would lead to dissociation; W - notice of WITHDRAWAL (does not have to be in writing; B - Bankruptcy; E - Partner being unanimously EXPELLED.
GP: If partners decide to continue partnerhip after a partner dissociates, what must they do? Purchase the dissociated partner's interest at the greater of: (1) LIQUIDATION VALUE of the partnership or (2) the value of the partnership business as a going concern without the dissociated partner.
Created by: PiscesDiva
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