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

True

False

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

True

False

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

True

False

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

True

False

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

True

False