The 2002 Amendments to the Revised Act Provide for Procedures

question 8

Multiple Choice

The 2002 amendments to the Revised Act provide for procedures permitting:

• A) a corporation to change its state of incorporation.
• B) a domestic business corporation to become a domestic or foreign partnership or LLC.
• C) Both of these.
• D) Neither of these.

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Definitions:

Contra-Liability

A liability account that is used to reduce the value of a related liability, not commonly used in accounting terminology.

Balance Sheet

A fiscal statement detailing a company's holdings, dues, and the portion owned by shareholders, recorded at a precise time.

Prepaid Rent

An asset account that represents rent payments made in advance of the period to which they relate.

Rent Payment

The amount paid periodically by a tenant to a landlord in exchange for the use of a property, room, or apartment.