Tech Talent Inc

question 63

Multiple Choice

Tech Talent Inc. is a corporation. Its implied powers enable it to

• A) avoid paying income taxes on foreign income.
• B) depart significantly from traditional corporate formalities.
• C) act beyond the authority given to it under its charter.
• D) borrow funds, lend funds, and extend credit.

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Definitions:

General Journal

A ledger in which all transactions are initially recorded, dated, and described.

Transposition Error

A common accounting mistake where figures are mistakenly reordered, leading to inaccurate entries and discrepancies in financial records.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to ensure their accuracy.

Journalized

The process of recording transactions in the accounting journals as part of the accounting cycle.