The Usual Sequence of Steps in the Transaction Recording Process $\rightarrow$

question 94

Multiple Choice

The usual sequence of steps in the transaction recording process is

• A) journal \(\rightarrow\) analyze \(\rightarrow\) ledger.
• B) analyze \(\rightarrow\)journal \(\rightarrow\) ledger.
• C) journal \(\rightarrow\)ledger \(\rightarrow\)analyze.
• D) ledger \(\rightarrow\) journal \(\rightarrow\) analyze.

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Definitions:

Void Contract

A legal agreement that is invalid from the outset and has no legal effect, therefore cannot be enforced by law.

Voidable Contract

A legal agreement that may be invalidated or annulled by one or more of the parties involved due to certain conditions.

Privity of Contract

The principle that a contract is a private agreement between the parties who have entered into it, and no one else can claim benefits or be subjected to its obligations.

Voidable Contract

A legal agreement that may be declared invalid by one party due to certain conditions such as misrepresentation or lack of consent.