Sophia ACC 201
Milestone 1
Retake Exam
Actual Questions and Revised Answers
Southern New Hampshire University
, lOMoARcPSD|51648332
16/17 that's 94%
RETAKE
16 questions were answered correctly.
1 question was answered incorrectly.
1
Which of the following correctly describes the difference between an LLP and an LLC?
Partners of an LLC exist separately from owners and shareholders,
while partners of an LLP are held accountable for the actions of the
other partners.
Partners of an LLC are NOT allowed to purchase a company's stock
shares, while partners of an LLP are allowed to purchase a company's
stock shares.
Partners of an LLC are NOT responsible for liabilities, while partners of
an LLP are responsible for their investment amount.
Partners of an LLC are legally treated the same as a business, while
partners of an LLP bear no legal responsibility.
CONCEPT
Businesses and Organizations
Report an issue with this question
2
An auditor's role is which of the following?
To document all of a company's monetary transactions
To report a company's financial standing to external sources
To objectively analyze a company's accounting data
To assist a company's management team with decision-making
CONCEPT
Accounting in Practice
Report an issue with this question
3
Which image below shows the correct general ledger account for Accounts Receivable?
Downloaded by Benjamin Luca ()
Milestone 1
Retake Exam
Actual Questions and Revised Answers
Southern New Hampshire University
, lOMoARcPSD|51648332
16/17 that's 94%
RETAKE
16 questions were answered correctly.
1 question was answered incorrectly.
1
Which of the following correctly describes the difference between an LLP and an LLC?
Partners of an LLC exist separately from owners and shareholders,
while partners of an LLP are held accountable for the actions of the
other partners.
Partners of an LLC are NOT allowed to purchase a company's stock
shares, while partners of an LLP are allowed to purchase a company's
stock shares.
Partners of an LLC are NOT responsible for liabilities, while partners of
an LLP are responsible for their investment amount.
Partners of an LLC are legally treated the same as a business, while
partners of an LLP bear no legal responsibility.
CONCEPT
Businesses and Organizations
Report an issue with this question
2
An auditor's role is which of the following?
To document all of a company's monetary transactions
To report a company's financial standing to external sources
To objectively analyze a company's accounting data
To assist a company's management team with decision-making
CONCEPT
Accounting in Practice
Report an issue with this question
3
Which image below shows the correct general ledger account for Accounts Receivable?
Downloaded by Benjamin Luca ()
