An Indication That the End-Of-Period Spreadsheet Columns Are in Balance

question 8

Multiple Choice

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

• A) the word "Total" written at the bottom of each pair of columns
• B) the double rule under each pair of columns
• C) the circles around each total
• D) the final figures written in ink

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Definitions:

Limited Liability Company

An organizational model blending the direct taxation advantage of partnerships or sole proprietorships with the restricted liability characteristic of corporations.

Limited Partnership

A limited partnership is a form of partnership consisting of at least one general partner, who manages the business and is personally liable for partnership debts, and one or more limited partners, who are liable only to the extent of their investments.

Policies

Formal guidelines or rules established by organizations to govern decision-making and establish boundaries for behavior.

Procedures

refer to established ways of doing things; these are step-by-step instructions or guidelines designed to achieve specific tasks or outcomes.