A Corporation Is an Artificial Being-Intangible,invisible,and Existing Only in the Contemplation

question 56

True/False

A corporation is an artificial being-intangible,invisible,and existing only in the contemplation of the law.

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Definitions:

Cash Payment

A transaction where a payment is made using physical currency or through electronic funds transfer, directly settling an obligation.

Cash Account

An account that records cash transactions, including cash received and disbursed, maintained by a company to keep track of its liquid assets.

Recorded

This term signifies the process of documenting transactions and events in the accounting records of a business.

Major Account Groups

Categories used in accounting to organize and summarize financial transactions, including assets, liabilities, equity, revenue, and expenses.