Books of Prime Entry

question 54

Multiple Choice

Books of prime entry:
Please select all that apply.

• A) Are the first point at which transactions are recorded in the accounting system.
• B) Represent daily listings of transactions.
• C) Are used to complete the double entry into the nominal ledger.
• D) Record individual amounts owed by customers and individual amounts owed to suppliers.

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Definitions:

Agent

An individual authorized to act on behalf of another, known as the principal, in dealings with third parties.

State

A political entity that possesses sovereignty and governance over a defined geographic area.

Corporations

Legal entities recognized by law as separate from their owners, with rights to enter contracts, own assets, and be liable for debts.

Model Business Corporation Act

A set of statutory provisions designed to provide a standard legal framework for the formation, operation, and dissolution of corporations in the United States.