1.Describe one important criterion that you should consider when deciding if you should join or establish a business partnership. Secondly, outline a significant factor that should be considered by partners when determining an income ratio.

Your responses should take into consideration:the information covered in this course to date;ethical behavior and professional ethics;your knowledge of GAAP; andyour life experience.

2.Your spouse owns 1000 shares in Martin Limited, a successful publicly traded company. After graduating from university, you are hired by Mason and Company LLP Chartered Accountants. Two months after you start working, you find out that Mason and Company LLP is the auditor for Martin Limited. You suspect that you will be part of the team assigned to audit Martin Limited. Should you tell the partners of the accounting firm that your spouse own shares in this company? Why or why not?