Until Proven Valid, a Rule Adopted by an Administrative Agency

question 19

True/False

Until proven valid, a rule adopted by an administrative agency is invalid.

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Definitions:

Compound Entry

An accounting entry that involves more than two accounts, recording multiple debits and/or credits in a single transaction.

Journal

A detailed record of all the financial transactions of a business, which are initially documented before summarizing in the ledger.

Posting

The process of transferring journal entry amounts to ledger accounts in accounting.

Analyze Each Transaction

The process of closely examining financial transactions to ensure they are accurately recorded in the correct accounts.