A Ledger

question 100

Multiple Choice

A ledger:

• A)includes all company accounts and their balances.
• B)can replace the financial statements.
• C)is the same as a chart of accounts.
• D)is known as a worksheet.

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Definitions:

Assignor

An assignor is an individual or entity who transfers rights or interests in a contract or property to another party, known as the assignee.

Nonperformance

Failure to fulfill a contractual duty or obligation.

Antiassignment Clause

A provision in a contract that prohibits one party from transferring its rights and obligations under the contract to another entity without consent.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the party to be charged, to prevent fraud and perjury in contractual agreements.