What Type of Law Refers to Law Arising from the Actions

question 13

Multiple Choice

What type of law refers to law arising from the actions of federal government agencies such as the Social Security Administration and the Internal Revenue Service?

• A) Administrative law
• B) International law
• C) Common law
• D) Criminal law

Recognize the accounting treatment for subscriptions and the revenue recognition principle.

Understand the categorization and implications of employer payroll taxes and liabilities.

Ability to identify and prepare necessary adjusting entries for accrual accounting purposes.

Understand the calculation and accounting treatment of payroll tax expenses.

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Definitions:

Manager-Managed LLC

A limited liability company structured so that managers, rather than members, handle the daily operations.

Judicial Dissolution

The process by which a court orders the dissolution or termination of an entity, such as a corporation or partnership, based on legal grounds.

LLC

Abbreviation for Limited Liability Company, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Transferable Interest

The portion of a member's ownership in a limited liability company (LLC) that can be transferred or sold to other parties, typically including the right to receive financial distributions.