A Disbursement Journal Is the Most Basic of Journals and Is

question 32

True/False

A disbursement journal is the most basic of journals and is a chronologic listing of transactions.

---

Definitions:

Corporations

Legal entities that are separate from their owners, providing limited liability protection, and having the ability to enter into contracts, sue, and be sued.

Steady Income

A consistent flow of earnings or money, typically on a regular basis, which can be relied upon for financial planning.

Bankruptcy Procedure

The legal process under bankruptcy laws for dealing with the debt of individuals or entities that cannot pay their creditors.

Creditors

Individuals or entities that lend money or extend credit to others.