HW-1

School: Clayton State University - Course: CO 2101 - Subject: Accounting

View Policies Show Attempt History  Your answer is correct. Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the business, Jack increases the debts of the business by $20,000. Which of the following statements istrueregarding this debt? Both Jack and Jill are personally liable for the business debt. Only Jill is personally liable for the debt of the business, since Jack has been working and she has not. Only Jack is personally liable for the debt, since he has been the managing partner during that time. Neither Jack nor Jill is personally liable for the business debt, since the partnership is a separate legal entity. eTextbook and Media Attempts: 1 of 5 used

1/11/23, 9:50 PMNWP Assessment Player UI Application https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=5715eea7-42e4-4f2e-9541-27bcc0b97734#/question/11/1View Policies Show Attempt History  Your answer is correct. Which of the following is thebestdescription of an internal user of accounting information? Creditors, such as banks, that use accounting information to evaluate the risk of lending money Investors who use accounting information to decide whether to buy or sell stock Managers who use accounting information to plan, organize, and run a business Labor unions who use accounting information to examine the ability of the company to pay increased wages and bene±ts