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choli [55]
3 years ago
14

Under the Uniform Limited Liability Company Act (ULLCA), managers in a manager-managed LLC owe fiduciary duties, such as the dut

y of loyalty and the duty of care, to the LLC and its members just as corporate directors and officers owe fiduciary duties to the corporation and its shareholders.
True or False?
Business
2 answers:
Ivahew [28]3 years ago
4 0

Answer:

True

Explanation:

The reason is that all the management owe fiduciary duties towards the shareholders and the corporation as well because the managers are acting as an agent and their principal is shareholders are principal so the agent must act in the best interest of the principal and shareholder's best interest here is long term success of the company with no fraudulent activities in the company. This law protects the shareholders by stating that management owe fiduciary duty to shareholders which is a true statement.

Anit [1.1K]3 years ago
4 0

Answer:

True

Explanation:

A limited liability company (LLC) is basically the best of both worlds, it provides limited liability to the owners and at the same time is manage similarly to a partnership.

The Uniform Limited Liability Company Act (1995) established a set of common rules since LLCs operate under state statutes, and states actually had different statues regarding LLCs. One of the issues included in the ULLCA was that each member of the LLC owes the other members the following duties:

  1. Fiduciary duty
  2. Duty of care
  3. Duty of fair dealing and good faith

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One of the elements of the Fraud Triangle focuses on how easy or hard it is for the internal control system to prevent any fraud
olga55 [171]

Answer: Opportunity

Explanation:

1. Opportunity - Given the fact that employees are granted access to very important documents, this might provide them the opportunity to commit theft. Employees who occupy top positions have access to classified information of the company which when manipulated can result to disastrous consequences. It now be holds on the employers of labour or the internal control system, to limit access to such information so as to make it hard for such fraud to be committed.

The procedures used by auditors to provide evidence are in two phases namely; the planning phase and execution phase.

1. The procedure for the planning phase is - Designing Appropriate Procedures : The evidence in this case could be a red flag noticed in the account records. The person who tried to commit the fraud could change figures in places that may not be noticeable.

2. The procedure for the execution phase involves - Implementing Appropriate Procedures : The evidence could be seen as an error. This error most likely results in wasteful spending.

8 0
3 years ago
Larned Corporation recorded the following transactions for the just completed month.
Yanka [14]

Answer with its Explanation:

Part 1: $89,000 in raw materials were purchased on account.

The purchase of raw material inventory on account is treated as increase in raw material inventory and accounts payables. The journal entry would be as under:

Dr Raw Material Inventory $89,000

Cr Accounts Payables              $89,000

Part 2: $87,000 in raw materials were used in production. Of this amount, $76,000 was for direct materials and the remainder was for indirect materials.

The entry would be increase in work in progress by $76,000 & Manufacturing overhead by $11,000 and would decrease the raw material inventory with $87,000.

The journal entry would be as under:

Dr Work In Progress                 $76,000

Dr Manufacturing Overhead    $11,000

Cr Raw Material  Inventory               $87,000

Part 3: Total labor wages of $128,500 were paid in cash. Of this amount, $103,000 was for direct labor and the remainder was for indirect labor.

The direct cost are allocated to the work in progress and indirect costs are allocated to manufacturing overheads.

The journal entry would be as under:

Dr Work In Progress                 $128,500

Dr Manufacturing Overhead    $103,000

Cr Cash Account                                 $231,500

Part 4: Depreciation of $190,000 was incurred on factory equipment.

The depreciation of the factory equipment is an indirect cost and all the indirect costs are charged to manufacturing overhead.

The journal entry would be as under:

Dr Manufacturing Overhead    $190,000

Cr Cash Account                          $190,000

8 0
3 years ago
Interactive online advertising, known as Blank______, often has drop-down menus, built-in games, or search engines to engage vie
Lana71 [14]

Interactive online advertising, is known as rich media. often has drop-down menus, built-in games, or search engines to engage viewers. This is further explained below.

<h3>What is Rich media?</h3>

Generally, Rich media is simply a word used in digital advertising to describe an ad containing sophisticated capabilities such as video, music,

In conclusion, Rich media is a big part of Interactive online advertising,

Read more about Media

brainly.com/question/14047162

#SPJ1

5 0
2 years ago
For each of the goods, classify them according to whether they are rivalrous, nonrivalrous, excludable or nonexcludable. Rivalro
sergij07 [2.7K]

Answer:

A)A sports team t-shirt:(Rivalrous and Excludable)

B)The air we breath (Nonrivalrous and nonexcludable)

C)Atlantic Bluefin Tuna in the Mediterranean Sea:(Rivalrous and nonexcludable)

D)A toll road in normal traffic:(Nonrivalrous and excludable)

Explanation:

Excludable goods can be regarded as goods whereby there is possibility of preventing consumers that has not paid for that good from accessing it.

Rivalrous goods are types of goods that can only be occupied by a person

there is competition created for their consumption.

Non-excludable goods can be regarded as public goods they are one

which are commonly available within a society for all people. These goods cannot be excluded from certain person.

Non-rivalrous goods can be regarded as public goods whereby the supply of that goods is not affected by consumption of people.

6 0
3 years ago
If the price of walnuts rises, many people would switch from consuming walnuts to consuming pecans. But if the price of salt ris
lilavasa [31]

Answer:

b

Explanation:

4 0
2 years ago
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