In a limited-liability company (LLC), the members are personally liable for the debts of the business. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
A business can be organized as a sole proprietorship, partnership, corporation, or limited-liability company (LLC). Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
In a corporation, the board of directors is elected by the chairperson of the company. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
For each user of accounting information, identify if the user would use financial accounting (FA ) or managerial accounting (MA ) User of Accounting Information FA or MA Business manager Creditor Stockholder Human resources director Internal Revenue Service What will be an ideal response ANSWER User of Accounting Information FA or MA Business manager MA […]
Date: September 2nd, 2020
The creation of a corporation begins when its incorporators obtain a charter from the state. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Certified Public Accountants are licensed professional accountants who serve the general public. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The formation of a partnership firm requires a minimum of ________. A) four partners B) three partners C) one partner D) two partners ANSWER D
Date: September 2nd, 2020
A creditor is a person who owes money to the business. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Stockholders primarily use managerial accounting information for decision-making purposes. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Financial accounting focuses on information for decision makers outside of the business, such as creditors and taxing authorities. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
