Which of the following is true of the management of an LLC (limited liability company)?
A) Members cannot become managers of an LLC.
B) A manager-managed LLC shares management powers between members and managers.
C) A nonmember can become a manager of an LLC.
D) An LLC can be both member-managed and manager-managed simultaneously.
C
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Which of the following is true regarding audit evidence?
A) Auditors typically gather audit evidence about one whole financial statement at a time rather than one account at a time. B) Auditors rarely gather audit evidence about one business process at a time. C) Audit evidence is gathered to determine whether each relevant financial statement assertion is being supported. D) When audit evidence supports management's assertions, a qualified audit report can be issued.
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Indicate whether the statement is true or false