An Asset Purchased on or Before the Fifteenth of the Month

question 27

True/False

An asset purchased on or before the fifteenth of the month is considered to have been owned for the full month.

---

Definitions:

Operating Agreement

A document detailing the management and operational protocols for a limited liability company (LLC) between its members.

Articles of Organization

Legal documents filed with a state government to legally document the creation of a limited liability company (LLC).

Register

To record or enroll formal or official information in an official list or database for the purpose of identification, control, or evidence.

Business Operation

The day-to-day activities involved in running a business, including production, marketing, and managing finances.