Explain the difference between term debt in current liabilities and term debt in long term liabilities.Just like in any type of business organization, ethics in partnership is important

because of the difficulties that two or more people have in arriving at a common

decision. Partners are under constant pressure to protect their investment. After

reading the EC $12$ Ethics Case on page $12-37$ in your text, discuss the following:

What are the major advantages and disadvantages of starting a

partnership?

Identify the problems with Alexandra's actions and discuss the ethical

considerations involved.

Are there any legal considerations in this partnership?

How might the partnership agreement be revised to accommodate the

differences in Alexandra's and Kellie's work and withdrawal habits?

Do you think that both partners should have a salary allowance, interest

allowance on partners' capital accounts, and share the remaining income

$($loss$)$ equally? Explain.