It Is NOT Necessary to Post the Total of Which

question 18

Multiple Choice

It is NOT necessary to post the total of which of the following columns to the related ledger accounts?

• A) the Cash Debit and Credit columns totals
• B) the Wages Expense Debit column total
• C) the General Debit and Credit column totals
• D) the Medical Supplies Debit column total

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Definitions:

Corporation

A legal entity recognized by law as separate from its owners, with its own rights, responsibilities, and liabilities.

Unlimited Liability

A legal structure in which business owners are personally responsible for all of the company's debts.

Limited Partnership

A limited partnership is a form of business ownership where there are one or more general partners, who manage the business and are personally liable for its debts, and one or more limited partners, who invest money but have limited liability and do not participate in management.

Double Taxation

The imposition of taxes on the same income, asset, or financial transaction at two levels, such as corporate profits taxed at both the corporate and individual shareholder levels.