Special Journals Are Used to Record Unique Transactions Which Do

question 70

True/False

Special journals are used to record unique transactions which do not occur very often.

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Definitions:

Profits

The financial gain realized when the revenue generated from business activities exceeds the expenses, taxes, and costs involved in maintaining the operation.

Sole Proprietorship

A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.

Legal Formalities

The required procedures or steps mandated by law for ensuring that legal acts or documents are valid and enforceable.

Officers

Individuals appointed or elected to oversee the management and daily operations of a corporation or other entity, typically holding positions such as CEO, CFO, or President.