Members of LLCs (limited liability companies) are not personally liable for the LLCs' debts, obligations, and liabilities
Indicate whether the statement is true or false
FALSE
You might also like to view...
How is entrepreneurial finance different from other forms of finance?
What will be an ideal response?
The conservatism principle arises because of concerns about management's incentives to overstate the firm's performance. Joe Banks argues, "We could get rid of conservatism and make accounting numbers more useful if we delegated financial reporting to independent auditors rather than to corporate managers.". Do you agree? Why or why not?
Which of the following is not one of the four steps in accounting for production activity and assigning costs during a period under a process cost system?
A. Compute the equivalent units of production. B. Determine over or underapplied overhead. C. Determine the physical flow of units. D. Assign and reconcile costs. E. Compute the cost per equivalent unit of production.
The term "issuer"
a. is not used in relation to commercial paper. b. is an all-purpose term that means both maker and drawer. c. is synonymous with drawee. d. is used in relation to commercial paper only to indicate the bank which creates a certificate of deposit.