A(n)________ Is Created When People Hold Themselves Out as Representing

question 76

Multiple Choice

A(n) ________ is created when people hold themselves out as representing a corporation and a court will prevent them from denying that a corporation exists.

• A)de facto corporation
• B)de jure corporation
• C)corporation by estoppel
• D)equitable corporation

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Definitions:

Sales of Merchandise

The total revenue generated from selling goods that are intended for resale as part of a company's normal business operations.

Purchases Journal

A specialized accounting journal used to record all purchases of merchandise, supplies, or other goods on credit.

Correcting Entries

Adjustments made in accounting records to amend errors or omissions.

General Journal

A fundamental accounting document where all kinds of financial transactions are initially recorded before they are transferred to specific accounts in the ledger.