A General Partnership That,by Making the Statutorily Required Filing,limits the Liability

question 40

Multiple Choice

A general partnership that,by making the statutorily required filing,limits the liability of its partners for some or all of the partnership's obligations is a:

• A) limited liability partnership.
• B) limited liability company.
• C) limited liability limited partnership.
• D) limited partnership.

---

Definitions:

Cash Purchase

A transaction where goods or services are bought and paid for with physical currency at the time of purchase.

Inventory

Inventory encompasses the raw materials, work-in-progress goods, and the finished products that a company holds with the intention of selling them to earn revenue.

Multi-Column Purchases Journal

A specialized accounting journal that records the purchase transactions of a business in multiple columns for different types of purchases.

Accounts Payable Account

An accounting entry that represents a company's obligation to pay off a short-term debt to its creditors or suppliers.