A Limited Liability Company: ______

question 11

Multiple Choice

A limited liability company: ______.

• A) is the same type of business entity as a "Subchapter S" corporation.
• B) has no restriction on the number of owners.
• C) is taxed in a manner similar to that of a corporation.
• D) has unlimited life regardless of what happens with any individual member.

Know the role and importance of a bank reconciliation in financial control systems.

Understand the treatment of outstanding checks and deposits in transit in bank reconciliations.

Recognize how notes collected by the bank and NSF checks affect bank reconciliations.

Understand the accounting treatment of petty cash transactions and replenishment.

---

Definitions:

Continuance Commitment

The level of commitment an employee feels towards their organization due to the costs they associate with leaving it.

Emotional Intelligence

The skill to comprehend, utilize, and control personal emotions constructively to reduce stress, communicate efficiently, connect empathetically with others, surmount obstacles, and resolve conflicts.

Increase With Age

A term indicating that a particular phenomenon, characteristic, or metric tends to rise or enhance as individuals or elements get older.

Relationship Management

Relationship management involves strategies and practices to maintain, improve, and enhance relationships with clients, customers, and stakeholders.