A Ledger

question 114

Multiple Choice

A ledger

• A) is a group of accounts and their balances.
• B) can replace the financial statements.
• C) is the same as a chart of accounts.
• D) None of these answers are correct.

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Definitions:

Limited Liability Partnership

A partnership in which some or all partners have limited liabilities, protecting them from certain legal actions and financial responsibilities.

Personal Liability

The responsibility of an individual to settle debts or legal obligations from their own assets, rather than the protection offered by operating within a corporation or limited liability entity.

Malpractice

Professional misconduct or the failure to exercise the requisite degree of skill as a professional. Negligence—the failure to exercise due care—on the part of a professional, such as a physician or an attorney, is commonly referred to as malpractice.

Uniform Partnership Act

A standardized set of laws adopted by states to govern the formation, operation, and dissolution of partnerships, providing a consistent legal framework across jurisdictions.