With Regard to a Bailment,a Valid Delivery and Acceptance Need

question 51

True/False

With regard to a bailment,a valid delivery and acceptance need not require that the bailee be aware that goods have been placed within the bailee's exclusive possession or control.

---

Definitions:

Journal Entry

A record in accounting that represents a transaction and its effect on various accounts, ensuring the debits and credits balance.

Ledger

A book or collection of accounts in which account transactions are recorded and categorized to show changes in financial positions.

Total Debits

In accounting, this refers to the total sum of all debit entries recorded in all accounts for a given period.

Total Credits

The sum of all credit entries recorded in the accounting books of a business, reflecting the total value of transactions decreasing assets or increasing liabilities and equity.