Sara and Terry Agree While Talking on the Phone to Form

question 66

Multiple Choice

Sara and Terry agree while talking on the phone to form a partnership to enter into the business of real property management. To be enforceable under the Statute of Frauds, their agreement must​

• A) ​be filed in the appropriate state office.
• B) ​be in writing.
• C) ​be signed by a notary public.
• D) ​not involve a third party.

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Definitions:

General Journal

A primary accounting record used to record all types of transactions, including adjustments, in chronological order.

General Ledger

A comprehensive collection of a company's accounts, including all transactions and balances, used for preparing financial statements.

Special Journal

A type of accounting journal designed for recording a specific kind of transaction in a more efficient and detailed manner.

General Journal

A comprehensive record of all financial transactions of a company, listed in chronological order.