In Texas, Special Purpose Districts Are Run by a Board

question 79

True/False

In Texas, special purpose districts are run by a board of trustees appointed by the governor.

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Definitions:

Special Journals

Customized accounting journals used for recording and categorizing specific types of transactions such as sales, purchases, and cash receipts in an efficient manner.

General Journal

A fundamental accounting record where all transactions are initially documented through journal entries in chronological order.

Merchandise Credit

A type of voucher issued by retailers to a customer when returned merchandise cannot be refunded in cash, used for future purchases.

Reversing Entries

Journal entries made at the beginning of an accounting period to negate or reverse certain adjusting entries made in the previous period for simplification.