Data Analytics LLC Is a Limited Liability Company

question 45

Multiple Choice

Data Analytics LLC is a limited liability company. Unless the firm's articles of organization specify otherwise, it will most likely be assumed that the firm is

• A)member-managed.
• B)manager-managed.
• C)an aggregate of member and non-member managers.
• D)run by an outside professional management group.

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Definitions:

Direct Write-off Method

Accounting practice where uncollected receivables are directly written off against income when deemed uncollectible, without using an allowance account.

Bad Debt Expense

A financial accounting concept representing the amount of uncollectible accounts receivable that a company expects to write off as a loss.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of accounts receivable that may not be collectible, reflecting potential losses.

Allowance for Doubtful Accounts

A contra asset account used to estimate the portion of accounts receivable that is expected to be uncollectible.