Which of the Following Is the Term Used to Identify

question 46

Multiple Choice

Which of the following is the term used to identify the duty of an agent to perform specified duties with reasonable skill and care?

• A) Duty of action
• B) Duty of contract
• C) Express duty of action
• D) Duty of performance
• E) Duty of obedience

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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.