Which of the Following General Statements About Divisions Is Not

question 32

Multiple Choice

Which of the following general statements about divisions is not correct -

• A)special journals and linked accounts are required for divisions
• B)you may change allocation amounts at any time before posting
• C)you may print journal reports with or without division allocations
• D)if costs cannot be allocated accurately there is no reason to keep divisions

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Definitions:

LLCs

Limited Liability Companies are flexible forms of business structure that combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Ownership

The legal right or title to something, such as a company, trademark, or property, often accompanied by certain responsibilities and benefits.

Small Businesses

Entities involved in commercial, industrial, or professional activities characterized by their small size in terms of employees, revenue, or operations.

Sole Proprietorship

A business structure where a single individual owns, manages, and is personally responsible for all aspects of the business, including debts.