It Is Important to Post Every Column Total from the Cash

question 28

True/False

It is important to post every column total from the cash receipts journal to the general ledger.

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Definitions:

Automatic Stay

In bankruptcy proceedings, the suspension of almost all litigation and other action by creditors against the debtor or the debtor’s property. The stay is effective the moment the debtor files a petition in bankruptcy.

Willful Malicious

Refers to actions taken with the intent to harm or with deliberate disregard of lawful considerations.

Bankruptcy Estate

The collective pool of assets that is formed upon the filing of bankruptcy, which will be used to pay off creditors.

Domestic-support Obligations

Legal responsibilities related to the financial support of one's household, including child support or alimony payments.