Which is true for a limited liability partnership (LLP)?

(A) All partners are free from liability.
(B) All partners have personal liability.
(C) All partners are required to be general partners.
(D) All partners are limited from personal liability in certain situations.

Ans: (D) All partners are limited from personal liability in certain situations.

Business

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Which of the following states that the business should use the same accounting methods from period to period?

A) materiality concept B) consistency principle C) conservatism D) disclosure principle

Business

The use of property assessments was expanded by

a. the Senior Citizens' Tax Act. b. the Mello-Roos Community Facilities Act. c. the State Board of Equalization. d. the Housing Economic Recovery Act.

Business