Accounting - Unit 1 Milestone
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Accounting - Unit 1 Milestone 1
Latest notes & summaries Accounting - Unit 1 Milestone
__________ is correcting errors and omissions and matching expenses with the 
correct revenue period. 
Correct answer- Adjusting 
2. The _________ provides a numerical label for each account, so that activity can 
easily be tracked for a given account. 
Correct answer- Chart of Accounts 
3. Because Mike is only accountable for the $20,000 he invested in his friend Matt's 
company, the two have created which of the following business types? 
Correct answer- Limited Liability Partnership 
4. W...
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Accounting - Unit 1 Milestone•Accounting - Unit 1 Milestone
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__________ is correcting errors and omissions and matching expenses with the 
correct revenue period. 
Correct answer- Adjusting 
2. The _________ provides a numerical label for each account, so that activity can 
easily be tracked for a given account. 
Correct answer- Chart of Accounts 
3. Because Mike is only accountable for the $20,000 he invested in his friend Matt's 
company, the two have created which of the following business types? 
Correct answer- Limited Liability Partnership 
4. W...