Linked Accounts Provide All but One of the Following Controls

question 41

Multiple Choice

Linked accounts provide all but one of the following controls -

• A)amounts cannot be entered incorrectly
• B)required linked accounts must be defined
• C)the program automatically updates the corresponding general ledgers
• D)there is no need to enter the information twice

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Definitions:

Partnership Liability

Partnership liability is the legal responsibility shared among partners in a partnership for debts and obligations of the partnership.

Partner's Liability

The financial obligation a partner has in a partnership, which can vary depending on the type of partnership and agreements made.

Partnership

A business structure legally established for the collaboration between two or more people in managing and profit distribution.

Reflective Listening

Carefully listening to a message and immediately repeating it back to the speaker.