Posting Accounting Transactions Avoids the Necessity of Journalizing Transactions

question 50

True/False

Posting accounting transactions avoids the necessity of journalizing transactions.

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Definitions:

Conditional Gift

A stipulation in which the transfer of an asset, money, or property is subject to fulfilling a specific condition by the receiver.

Incomplete Gift

A gift for which the legal process of transfer has not been entirely finalized or where the donor has retained some control over the gift.

Revoked

The act of officially withdrawing, canceling, or reversing a decision, privilege, or status.

Donor

A person who makes a gift.