It Is Expected That in the Future,the Limited Liability Company

question 50

Multiple Choice

It is expected that in the future,the limited liability company will in many instances replace which of the following forms of business ownership?

• A) the general partnership
• B) the limited partnership
• C) the close corporation
• D) all of the above

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Definitions:

Uncollectible Receivables

Accounts receivable that a company does not expect to collect and writes off as a bad debt expense.

Allowance for Doubtful Accounts

An estimation of the amount of credit sales that may not be collected, which is considered a contra asset account.

Bad Debt Expense

The cost associated with accounts receivable that a company is unable to collect.

Uncollectible Accounts

Debts owed to a company that are considered to be uncollectible and are thus written off as a bad debt expense.