1. Which of the following is loyal in regards to the Limited Liability Company?
a. It is orderly as the corporation.
b. It can elect to be taxed as the partnership.
c. Provides taxation as well as guilt advantages to the owners.
d. All have been correct.
2. The initials GAAP mount for
a. General Accounting Procedures
b. Generally Accepted Plans
c. Generally Accepted Accounting Principles
d. Generally Accepted Accounting Practices
3. Smith Company purchased $105,000 of mechanism apparatus from Brown Company. Smith Company paid for the apparatus regulating money that had been performed from the primary investment by Connie Smith. The contract involving the mechanism apparatus should be available upon the accounting annals of that of the following entities?
a. Smith Company as well as Connie Smith’s personal records
b. Brown Company as well as Connie Smith’s personal records
c. Brown Company
d. Smith Company as well as Brown Company
4. Equipment with an estimated marketplace worth of $45,000 is offering for sale during $65,000. The apparatus is acquired for $10,000 in money as well as the note upon credit of $40,000 due in thirty days. The volume used in the buyer’s accounting annals to jot down this merger is
a. $50,000
b. $65,000
c. $10,000
d. $45,000
5. The withdraw side of an account
a. depends upon possibly the comment is an asset, guilt or stockholders’ equity
b. can be possibly side of the comment depending upon how the accountant set up the system
c. is the right side of the account
d. is the left side of the account
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1. Which of the following is true in regards to a Limited Liability Company?
d. All are correct.
2. The initials GAAP stand for
c. Generally Accepted Accounting Principles
3. Smith Company purchased $105,000 of computer equipment from Brown Company. Smith Company paid for the equipment using cash that had been obtained from the initial investment by Connie Smith. The transaction involving the computer equipment should be recorded on the accounting records of which of the following entities?
d. Smith Company and Brown Company
4. Equipment with an estimated market value of $45,000 is offered for sale at $65,000. The equipment is acquired for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer’s accounting records to record this acquisition is
a. $50,000
5. The debit side of an account
d. is the left side of the account