Which of the Following Statements Is True

question 73

Multiple Choice

Which of the following statements is true?

• A)An entry in a general ledger account can be traced to the trial balance by referring to the page listed in the posting reference column of that ledger account.
• B)The posting of an amount recorded in the general ledger can be verified by referring to the account number listed in the posting reference column on that line in the general journal.
• C)Business transactions are recorded first in the general ledger, then that information is transferred to the general journal.
• D)No explanation is needed for each entry in the general ledger.

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Definitions:

Contractual Capacity

The legal ability of a person to enter into a binding contract.

Promissory Estoppel

A law-based concept stopping a person from denying a vow made to another when the second party has legitimately acted on that vow to their detriment.

Article 2

Article 2 often refers to a specific section within a larger legal document or code, such as the Uniform Commercial Code in the United States, which deals with the sale of goods.

UCC

The Uniform Commercial Code represents a detailed collection of regulations that oversee every commercial transaction within the United States.