________ Is a Term That Denotes the Return of Goods

question 11

Multiple Choice

________ is a term that denotes the return of goods or property received from the other party to undo a contract.

• A) Rescission
• B) Recession
• C) Restitution
• D) Retribution

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Definitions:

General Ledger

A master accounting document providing a complete record of all the financial transactions of a business.

Subsidiary Posting

The process of transferring summary totals from the journal into the respective ledger accounts.

General Ledger

A comprehensive log of every financial transaction throughout a company's existence.

Cash Payments

Monetary transactions in which money is paid out by a business to settle obligations, including expenses, debts, or purchase of assets.