Owners of an LLC are known as shareholders
Indicate whether the statement is true or false
False
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Reversing entries:
A. Will often result temporarily in abnormal account balances in some accounts. B. Are required only if the company uses accounting software to record journal entries. C. Are necessary when journal entries have been incorrectly recorded. D. Must be made before preparing the post-closing trial balance. E. Are a required step in the accounting cycle.
Johann, a well-known musician, agrees to give ten guitar lessons to Elton for $2,000 . Nothing in the contract itself prohibits a delegation. If Johann delegates his obligation to Eugene, a second-year musical student and enthusiastic guitar player, then the delegation will probably be:
a. permitted because contracts may be freely delegated. b. permitted because the contract is just for music lessons. c. prohibited because the contract is for service from a specific person. d. prohibited by the UCC because this is a sale of services.
Net income (loss) is the difference between the total debits and the total credits in the income statement columns of the worksheet
Indicate whether the statement is true or false
Scheduling involves generating a work schedule for employees or sequences of jobs or customers at workstations
Indicate whether the statement is true or false