Which of the Following Is True About Asset Distribution in an LLP

question 88

Multiple Choice

Which of the following is true about asset distribution in an LLP?

• A)If the LLP has been profitable,each partner will receive the net amount in his capital account.
• B)The partners have liability for partnership obligations beyond the firms' assets.
• C)An LLP partner has to contribute an amount equal to the negative balance in his account to pay creditors.
• D)The creditors must sue the partner to force the partner to pay the debt.

Understand how to utilize Employee Lists in QBO for payroll management.

Comprehend the functioning of Expense Accounts and their impact on financial statements.

Recognize the significance and usage of the Customer List in QBO.

Identify the meaning and characteristics of a transaction in a business context.

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Definitions:

Health Insurance

A type of insurance coverage that pays for an individual's or group's medical and surgical expenses.

Emergency Room

A medical treatment facility specializing in emergency medicine, the acute care of patients who present without prior appointment.

Hospital Stay

The duration of time an individual spends in a hospital as a patient receiving care and treatment.

Everyday Decisions

The routine choices and judgments made on a daily basis that can affect an individual's personal life and health.