A Compound Journal Entry Involves

question 155

Multiple Choice

A compound journal entry involves

• A) two accounts.
• B) three accounts.
• C) three or more accounts.
• D) four or more accounts.

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Definitions:

S Corporation

A form of corporation that meets specific Internal Revenue Code requirements, allowing income to be passed through to shareholders and taxed at individual rates.

Shareholders

People or organizations holding stock in a corporation, granting them specific rights and stakes in the business.

Stock

A type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings.

Family and Medical Leave Act (FMLA)

A U.S. federal law requiring covered employers to provide employees job-protected and unpaid leave for qualified medical and family reasons.