When There Is Clear Evidence That Both Parties Agreed to Something

question 107

True/False

When there is clear evidence that both parties agreed to something different than what was in the written document, the courts will rectify the document.

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Definitions:

Ledger

The principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type.

Journalizing

The act of recording financial transactions in a company's journal, detailing debits and credits, part of the first step in the accounting cycle.

Fraudulent Activity

Intentional deception or misrepresentation that an individual or entity makes to gain a benefit or advantage.

Double-Entry Bookkeeping

An accounting system where every entry to an account requires a corresponding and opposite entry to a different account.