Posting to the General Ledger Occurs

question 99

Multiple Choice

Posting to the general ledger occurs:

• A)As the transaction is recorded in the special journals
• B)Is not required if special journals are utilized
• C)Automatically at the end of each business day
• D)Only when proper authorization has been given

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Definitions:

Fairness Rule

The rule that requires managers to be fair to the corporation when they personally benefit from their business decisions.

Corporate Opportunity Rule

A legal doctrine preventing directors and officers of a corporation from taking a business opportunity for themselves without offering it to the corporation first.

Derivative Suit

A lawsuit brought by a corporation's shareholder on behalf of the corporation against a third party, often the corporation's executives or directors.

Time of the Injury

The specific moment at which an individual is harmed or damaged, often critical in legal contexts.