When Journalizing the Reference Column Is

question 22

Multiple Choice

When journalizing the reference column is

• A) left blank.
• B) used to reference the source document.
• C) used to reference the journal page.
• D) used to reference the financial statements.

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Definitions:

Fiduciary

A person who has a duty to act primarily for another person’s benefit.

Duty of Performance

An agent’s obligation to perform the duties specified in the agency agreement and to do so with reasonable skill and care.

Principal

The amount of money originally invested or loaned, on which basis interest and returns are calculated.

Agent

A party who has the authority to act on behalf of and bind another party.