AICPA CPA-Business Exam - Topic 2 Question 1 Discussion

Actual exam question for AICPA's CPA-Business exam

Question #: 1
Topic #: 2

Park and Graham entered into a written partnership agreement to operate a retail store. Their agreement was silent as to the duration of the partnership. Park wishes to dissociate from the partnership. Which of the following statements is correct?

APark may dissociate from the partnership at any time.

BUnless Graham consents to the dissociation, Park must apply to a court and obtain a decree ordering the dissociation.

CPark may not dissociate from the partnership unless Graham consents.

DPark may dissociate from the partnership only after notice of the proposed dissolution is given to all partnership creditors.

Show Suggested Answer

Suggested Answer: A

Choice "a" is correct. Because the agreement is silent as to duration, it is a partnership at will. A partner may dissociate from a partnership at will at any time.

Choice "b" is incorrect. Because the agreement is silent as to duration, it is a partnership at will. A partner may dissociate from a partnership at will at any time. No court order is required.

Choice "c" is incorrect. Partnerships are consensual relationships, so any partner has the power to dissociate at any time; he or she need not obtain the consent of the other partners (though absent consent, the partner will be liable for damages if the dissociation is wrongful).

Choice "d" is incorrect. There is no requirement of giving partnership creditors a formal notice of intent to dissociate, but it is a good idea to do so to avoid liability on future partnership obligations.

by Glenn at May 07, 2022, 02:53 AM

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Taryn

4 months ago

D is interesting, but I think it's more about the creditors being informed first.

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Santos

4 months ago

C makes sense, no consent means no dissociation.

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Lea

4 months ago

Wait, can Park really just leave without Graham's consent?

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William

4 months ago

I disagree, B seems more accurate. Court involvement is necessary.

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Meghann

5 months ago

A is correct! Park can dissociate anytime.

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Nikita

5 months ago

This seems like a straightforward application of the Token Authentication pattern. The service consumer submits credentials, the broker authenticates them, and then issues a token that can be used to access other services. I feel pretty confident that option B is the right answer here.

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Cordell

5 months ago

This seems simple enough, but I want to double-check my work. Let me walk through the steps again to make sure I'm not missing anything. I don't want to make a silly mistake on the exam.

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Olive

5 months ago

Okay, let me think this through step-by-step. If a packet is marked on SAP-ingress, and remarking is enabled at the network egress, then it will be remarked. I think the answer is TRUE, but I'll double-check my work.

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Shalon

5 months ago

Okay, I've got this. The answer is definitely B - a good security mechanism should be complex, not just complicated.

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Mee

5 months ago

Ah, I think I've got it! "start=" and "end=" are the two options that allow you to specify a time range in the search bar. The other options don't seem to be relevant to this question.

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Erick

5 months ago

Hmm, I'm a bit unsure about this one. The question mentions Google-recommended practices, so I'm wondering if that might rule out the firewall rule approach and point more towards using Flexible Route Advertisement. I'll have to think this through carefully.

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