Creating an Accountant's Copy of Your Data Allows Your Accountant

question 22

Multiple Choice

Creating an Accountant's Copy of your data allows your accountant to -

• A)check your journal transactions and correct your posted entries
• B)create adjusting journal entries that you can add to your data file
• C)start a new fiscal period for your company records
• D)all of the above

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Definitions:

Damages

Financial compensation awarded by a court to indemnify a harmed party for loss or injury resulting from a breach of contract or wrongdoing.

Quantum Meruit

(“as much as is deserved”) a reasonable price paid for requested services.

Equitable Remedies

Judicial remedies requiring a party to act or refrain from acting in a certain way, often used when monetary compensation is insufficient.

Specific Performance

A legal remedy where a court orders a party to fulfill their obligations under a contract, rather than just paying damages.