An Audit Trail Is a Record of How a Transaction

question 57

True/False

An audit trail is a record of how a transaction was handled from input through processing and output.

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Definitions:

Capital Balances

The amounts of money that the owners of a company have contributed to it or have accumulated over time.

Unlimited Liability

A legal structure in business where the owners are personally responsible for all the debts and liabilities of the business.

Mutual Agency

A principle in partnerships where each partner has the authority to bind the partnership to contracts within the scope of the business's operations.

Limited Life

A term that refers to the finite existence of a business entity or an asset's useful life.