Peter Writes a Weekly Newsletter Profiling Canadians in Industry

question 55

True/False

Peter writes a weekly newsletter profiling Canadians in industry.Last week, Peter wrote a column in which he claimed Mary Jones lied on her employment application.At a later date, it was determined that the information Mary provided in her application was factual.Peter has committed an act of slander; hence, may be exposed to legal action by Mary.

---

Definitions:

Posting Process

The act of transferring entries from the journal to the respective ledger accounts to keep financial records accurate and up-to-date.

Wrong Amount

Errors in financial transactions that result in the recording of inaccurate figures in accounting systems.

Trial Balance

A trial balance is a bookkeeping report that lists the balances of all ledgers in two columns, debits, and credits, ensuring that total debits equal total credits.

Journalizing

The process of recording transactions in a company's journal, marking the first step in the accounting cycle.