Identify Which of the Following Statements Is True

question 96

Multiple Choice

Identify which of the following statements is true.

• A)All of the partners in a limited partnership have limited liability.
• B)A limited partnership must have at least two general partners.
• C)A limited partnership cannot have a corporate general partner.
• D)All of the above are false.

---

Definitions:

Subsidiary Ledger

A detailed ledger that provides a breakdown of individual transactions affecting a specific general ledger account, facilitating in-depth analysis and reconciliation.

General Ledger

A comprehensive record of all financial transactions over the life of a company.

Individual Balances

The amounts recorded in separate accounts representing various assets, liabilities, or equity of an individual or entity.

Special Journal

A specialized accounting journal designed to record a particular type of transaction consistently, such as sales or cash disbursements.