40. The amortization of discount on bonds purchased as a long-term investment a.

Question

40. The amortization of discount on bonds purchased as a long-term investment
a. decreases the amount of interest expense (???)
b. increases the amount of the investment account
c. decreases the amount of the investment account
d. increases the amount of interest expense (624 last paragraph)

10. Accounting for the day-to-day activities for a partnership or Limited Liability Company is
a. the same as the accounting for any other form of business
b. the same as the accounting for a sole proprietorship only
c. is not the same as the accounting for any other form of business
d. the same as the accounting for a corporation only
9. Which of the following below is not a characteristic of a Limited Liability Company?
a. limited life
b. limited liability
c. file articles of organization with the state government
d. avoids mutual agency

8. Which of the following below is not one of the four major forms of business entities that are discussed in this chapter?
a. sole proprietorship
b. corporation
c. partnership
d. subchapter s corporation
6. The characteristic of a partnership that gives the authority to any partner to legally bind the partnership and all other partners to business contracts is called
a. unlimited liability
b. ease of formation
c. mutual agency
d. dissolution

7. When a limited partnership is formed
a. the partnership activities are limited
b. all partners have limited liability (PAGE 535)
c. some of the partners have limited liability
d. none of the partners have limited liability

Im not for about these question can i please have some help?

Explanation / Answer

40) increases the amount of interest expense. 10) C 9) D 8) A 6) A 7) C

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