Question

5) Property purchased using partnership funds but acquired inthe name of an individual partner is nonetheless the partnership'sproperty. True or False

True

False

6) Once an LLC register's it's name in a particular state, thatname is protected throughout the United States. True or False

True

False

7) An accountant faces potential liability under The InternalRevenue Code and securities laws, but not under the common law.True or False

True

False

8) When determining the negligence of an accountant, thestandard of care required is "The Reasonable Person" standard. Trueor False

True

False

9) An accountant may avoid liability under the SecuritiesExchange Act if the accountant can prove a false or misleadingstatement was made in good faith. True or False

True

False