The __________ Is Where a Transaction Can First Be Found

question 164

Multiple Choice

The __________ is where a transaction can first be found in the accounting records.

• A) chart of accounts
• B) income statement
• C) balance sheet
• D) journal

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Definitions:

Duty of Notification

An agent’s obligation to inform the principal of the agent’s actions on the principal’s behalf and of all relevant information.

Communicate Offers

The process through which an offeror makes their proposal known to the offeree, initiating the possibility of forming a contract.

Indemnification

Indemnification is the process by which one party agrees to compensate another for any losses or damages suffered, often as part of a contractual agreement.

Breach of Contract

The failure to perform any term of a contract, written or oral, without a legitimate legal excuse.