A(n) _____ Is a Corporation That Has Limited Number of Owners

question 46

Multiple Choice

A(n) _____ is a corporation that has limited number of owners that operates under simpler, less formal rules than a C corporation.

• A)statutory close corporation
• B)Z corporation
• C)S corporation
• D)nonprofit corporation

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Definitions:

Accounts Payable Subsidiary Ledger

A detailed ledger containing all individual creditor accounts, supporting the main accounts payable account by listing individual transactions.

Purchases Journal

A specialized accounting journal used to record all purchasing transactions, particularly on account.

Record Purchase

The accounting process of recording the buying of goods or services in the financial records of a company.

Accounts Receivable Subsidiary Ledger

The subsidiary ledger containing the individual accounts with customers.