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:

Intervals

Periods of time between events; in finance, it may refer to the frequency with which interest is applied or compounded.

Income Tax

Taxes that are based on the amount of taxable income that you earn.

Earned Income

Income derived from active participation in a business or trade, typically including wages, salaries, commissions, and tips.

Unearned Income

Refers to money received that does not come from employment, work, or business activities, such as dividends, interest, or government benefits.