Any of the Managers in a Manger-Managed LLC May Be

question 43

Multiple Choice

Any of the managers in a manger-managed LLC may be removed at any time by a vote of:

• A) one third of all LLC members.
• B) two-thirds of all LLC members.
• C) a majority of LLC members.
• D) the board of directors.

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Definitions:

Cost Reconciliation Report

A financial report that reconciles the estimated, budgeted, or standard costs with the actual costs incurred.

Costs Accounted For

The total costs assigned to completed units and units still in production, ensuring that all manufacturing costs are allocated according to the cost accounting method in use.

Beginning Work in Process Inventory

The inventory of partially finished goods at the start of an accounting period.

Equivalent Units

The product of the number of partially completed units and their percentage of completion with respect to a particular cost. Equivalent units are the number of complete whole units that could be obtained from the materials and effort contained in partially completed units.