Formation of an LLC occurs when articles of organization are filed
Indicate whether the statement is true or false
TRUE
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Altonvista Inc., a company based in California, is sued by a plaintiff from the state of Texas. Which of the following statements is true in this scenario?
A. The case must be heard in the California federal court, as this is a subject matter in which federal courts have exclusive jurisdiction. B. If the plaintiff chooses to bring the case to the California federal court, it would stay in the federal court. C. If the plaintiff decides to bring the case to the California federal court, Altonvista Inc. can have the case moved to a California state court. D. The case can only be heard in a California state court, as the matter is not subject to federal jurisdiction.
Consider the following diagram. Which of the following best describes how the relationship between Sales Orders and Cash Receipts will be implemented in the resulting database?
A. The Cash Receipt Amount field will be included as a foreign key in the Cash Receipts table. B. The Sales Order ID will be included as a foreign key in the Cash Receipts table. C. A new table will be created that contains both Sales Order ID and Cash Receipt ID as its composite primary key. D. The Cash Receipt ID will be included as a foreign key in the Sales Orders table.
Which of the following is characteristic of a change in accounting principle?
a. Requires the reporting of pro forma amounts for prior periods b. Does not affect the financial statements of prior periods c. Never needs to be disclosed d. Should be reported by retrospectively adjusting the financial statements for all years reported, and reporting the cumulative effect of the change in income for all preceding years as an adjustment to the beginning balance of retained earnings for the earliest year reported
Dividends paid by a company are reported on which of the following financial statement(s)?
A. Statement of changes in stockholders' equity B. Income statement C. Statement of cash flows D. Statement of changes in stockholders' equity and statement of cash flows