The One Characteristic That All Entries Recorded in a Multiple-Column

question 29

Multiple Choice

The one characteristic that all entries recorded in a multiple-column purchases journal have in common is a

• A) credit to the Cash account.
• B) debit to the Cash account.
• C) debit to the Accounts Payable account.
• D) credit to the Accounts Payable account.

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Definitions:

Breach

The violation or non-fulfillment of a legal obligation, agreement, or duty.

Statute of Frauds

A legal concept that requires certain types of contracts to be written and signed by the party or parties to be charged, in order to be legally enforceable.

Oral Contract

An agreement between parties that is spoken rather than written but is still legally binding.

Quasi Contract

An obligation imposed by law to prevent unjust enrichment, even though no formal contract exists between the parties.