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Question;1. Which of the following gives the owners of the business limited liability?a. proprietorshipb. partnershipc. Corporationd. None of the above2. Which of the following gives priority to creditors in a dissolution?a. A proprietorshipb. An LLCc. A partnershipd. all of the above3. Which statement is correct?a. A foreign corporation is one organized in another country but does business in the USb. A foreign corporation is one organized in one state but does business in another statec. Any type of business entity doing business abroad is a foreign companyd. None of the above is correct4. Which of the following is not a disadvantage of a corporate form of entity?a. Double taxationb. Incorporation costsc. Accumulating or raising capitald. Regulations5. Which of the following statements is not true?a. Most states allow an easy transition from a conventional partnership into an LLPb. Most common law and statutory law from partnership law applies to LLPsc. LLP do not require state filingsd. All corporations are either subchapter S or C corporations6. Which of the following is a false statement about board of directors?a. Board members may not use corporate assetsb. Board members may not profit from the company with or without permission of the entityc. Board members can not compete directly with the entityd. Board members can not be board members of a competing company7. A company?s audit committee should have at least one member considered to be a financial expert. Which of these is not an example of a financial expert?a. Prior experience as a controller of a large corporationb. Previous work in a public accounting firmc. Prior experience as an internal auditord. A member of a professional accounting/finance association8. Which of the following is not one of the elements of COSO Internal Control Integrated Framework?a. The audit committee of the board of directorsb. Risk assessmentc. Monitoringd. Information/Communication9. Which of the following is not a pass-through entity?a. LLPb. Subchapter S corporationc. Chapter C corporationd. General partnership10. Which of the following is true and the best answer?a. The board of directors provide advice to the entityb. The board of directors monitors and oversees senior managementc. Maintains a level of skepticismd. All of the following are true statements


Paper#43561 | Written in 18-Jul-2015

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