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In Order to Prevent a Transaction from Being Recorded More

question 171

True/False

In order to prevent a transaction from being recorded more than once a company should maintain only one book of original entry.


Definitions:

Pension Liability

The total amount of money that a company is obligated to pay into its current and future retirees' pension plans.

Pension Expense

The cost recognized by an employer for maintaining a defined benefit pension plan for its employees over a given period.

Pension Funding

The process of setting aside financial resources to cover future pension benefits for employees.

Cumulative Gain

The total amount of profit earned over a period of time, adding together successive gains from operations or investments.

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