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.

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Definitions:

Agency Relationship

A legal and principal relationship between two parties, where one (the agent) is authorized to act on behalf of the other (the principal) in business transactions.

Durable Power Of Attorney

A document that authorizes an agent to act on another’s behalf, with the power either surviving incapacity or becoming effective upon incapacity.

Zoning Changes

Modifications or amendments to municipal regulations that dictate how land and buildings within specific zones can be used.

Agency Relationship

A legal arrangement in which one party, the agent, is authorized to act on behalf of another, the principal, in business transactions or other matters.