Substantive due process is the same as procedural due process
Indicate whether the statement is true or false
False
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An audit of the Flagler Company, a diamond mining company, brings to light the fact that its equipment has been marked up to the owners' expectation of market values. Such a situation will most likely result in which type of report?
a. Disclaimer. b. Review. c. Adverse. d. Unqualified with explanatory language.
On January 1, a company issues bonds dated January 1 with a par value of $330,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $343,395. The journal entry to record the issuance of the bond is:
A. Debit Cash $330,000; debit Premium on Bonds Payable $13,395; credit Bonds Payable $343,395. B. Debit Cash $343,395; credit Bonds Payable $343,395. C. Debit Cash $343,395; credit Discount on Bonds Payable $13,395; credit Bonds Payable $330,000. D. Debit Cash $343,395; credit Premium on Bonds Payable $13,395; credit Bonds Payable $330,000. E. Debit Bonds Payable $330,000; debit Bond Interest Expense $13,395; credit Cash $343,395.
When a partnership agreement provides for the division of income to be based on time spent and investment balances, the resulting amounts may be treated by the partners as deductible salary expense and interest expense for determining the financial and taxable earnings of the partnership
Indicate whether the statement is true or false
A(n) ________ refers to an agreement entered into among members that governs the affairs and business of the LLC (limited liability company) and the relations among members, managers, and the LLC
A) certificate of interest B) article of organization C) operating agreement D) agreement of conversion