Where Is There a Chronological Record of the Journal Entries

question 65

Multiple Choice

Where is there a chronological record of the journal entries?

• A)General journal
• B)General ledger
• C)T-account
• D)Bank statement

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Definitions:

General Partners

Individuals in a partnership who are responsible for the management of the partnership and are liable for its debts.

Foreign Limited Partnerships

Partnerships formed in one jurisdiction but doing business in another where the liability of some partners is limited.

Low-profit Limited Liability Company

A classification of LLC that combines the legal and tax flexibility of a traditional LLC, the social benefits of a nonprofit organization, and a commitment to limited profit distribution.

Socially Beneficial

Refers to actions, policies, or practices that have a positive impact on society or the community as a whole.