by William Thomas and Wendy M.Tietz Chapters 1 -
12, Complete
,
,Chapter 1Q
TheQFinancialQStatements
EthicsQCheck
(5-10Qmin.)Q ECQ1-1
a. ObjectivityQandQindependence
b. DueQcare
c. Integrity
d. Integrity
, ShortQ Exercises
(10Qmin.)Q SQ1-1
a. Corporation,Q limitedQ partnersQ ofQ aQ Limited-
liabilityQpartnershipQ(LLP)QandQQLimited-
liabilityQQcompanyQ(LLC).QIfQanyQofQtheseQbusinessesQfailsQan
dQcannotQpayQitsQliabilities,QcreditorsQcannotQforceQtheQowne
rsQtoQpayQtheQbusiness’sQdebtsQfromQtheQowners’QpersonalQ
assets.QCreditorsQcanQgoQafterQtheQgeneralQpartnerQofQaQlimi
tedQliabilityQpartnership.
b. Proprietorship.QThereQisQaQsingleQownerQofQtheQbusiness,QsoQ
theQownerQisQanswerableQtoQnoQotherQowner.
c. Partnership.QIfQtheQpartnershipQfailsQandQcannotQpayQitsQliab
ilities,QcreditorsQcanQforceQtheQpartnersQtoQpayQtheQbusiness’
sQ debtsQ fromQ theirQ personalQ assets.Q AQpartnershipQafford
sQmoreQprotectionQforQcreditorsQthanQaQproprietorshipQbecau
seQthereQareQtwoQorQmoreQownersQtoQshareQthisQliability.
(5Qmin.)Q SQ1-2
1. TheQ entityQ assumptionQ applies.
2. ApplicationQofQtheQentityQassumptionQwillQseparateQOsmond’
sQpersonalQassetsQfromQtheQassetsQofQSimpleQTreats,Q Inc.Q T
hisQ willQ helpQ Osmond,Q investors,Q and