What type of business entity is an organization providing limited liability to partners without restrictions of limitedpartnership often used by lawyers and accountants?
a. Limited partnership
b. General partnership
c. Limited liability partnership
d. Limited liability company
c
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Controls in the information technology area are classified into preventive, detective, and corrective categories. Which of the following is preventive control?
A. Hash total. B. Contingency planning. C. Echo check. D. Access control software.
Which of the following is NOT required to be reported in the financial statements or disclosed in the accompanying notes?
a. Balances of major classes of noncurrent operating assets at the balance sheet date b. Gross historical cost and accumulated amortization for intangible assets at the balance sheet date c. Gross historical cost and accumulated depreciation for tangible noncurrent operating assets at the balance sheet date d. A general description of the cost allocation methods used with respect to major classes of noncurrent operating assets
Mabel is a single 40-year-old who has borrowed money on numerous occasions. Her payment record has been good, except she has been delinquent in paying a few bills. Which of the following is true regarding credit information gathered on Mabel?
a. Since Mabel has been delinquent, she waives her right to see the credit files. b. If Mabel is rejected for a loan because of the consumer report, the lender must tell her the source of the report. c. Mabel has a right to have the information regarding her delinquency in paying a few loans stricken from her credit record because her record has generally been good. d. Mabel's only legal remedy, if there is erroneous information in her credit file, is to report the problem to the FTC for enforcement.
The receipt of which of the following would be considered evidence of the recipient being in a
partnership, assuming all amounts are paid out of the profits of the partnership? A) Payment of wages earned by an employee B) A portion of the profits remaining after all other expenses have been paid C) Rent owed to a landlord D) Payment of the interest and principal on a debt