Financial account Milestone 1-4
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Saylor Academy *
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Accounting
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Nov 24, 2024
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CONCEPT
Governance
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13
Which of the following is true of an LLC?
An LLC itself pays no taxes.
An LLC is required to have more than five members.
All members of the LLC are liable for the actions of the others.
An LLC is terminated at any member's choice.
CONCEPT
Businesses and Organizations
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14
A Program Manager and a Vice President discussing the costs associated with the
completion of a recent project, so that future cost estimates can be made, is an
example of which of the following?
Departmental accounting
Production accounting
Financial accounting
Managerial accounting
CONCEPT
Accounting in Practice
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15
Which description below is a characteristic of journal entries?
Changes are recorded with either a debit or a credit, but not both.
Changes are verified by at least two qualified individuals.
Changes are associated with at least two different accounts.
Changes are made when there is a planned expense.
CONCEPT
General Journal and General Ledger
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16
Which of the following account groups has a natural debit balance?
Assets
Liabilities
Revenue
Equity
CONCEPT
Natural Balance
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17
Eric owns a heating and cooling company. He routinely inspects a food storage
warehouse. Eric is paid a future expense of $299 for replacing a worn belt the next time
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