The General Ledger Is an Internal Report That Lists All

question 101

True/False

The general ledger is an internal report that lists all the accounts and their balances and is used to check that total debits equals total credits.

---

Definitions:

Public Policy

The public good; some acts, although not illegal, will not be enforced by the courts because they are socially distasteful (against public policy).

Legal Capacity

The ability of an individual or entity to enter into legally binding contracts, including being of a certain age and sound mind.

Mental Incapacity

Refers to a condition where an individual is unable to make legal decisions due to cognitive or psychological impairments.

Canadian Imperial Bank of Commerce v. Milhomens

A specific legal case, likely involving legal principles or judgments pertaining to the entities named.