Indicate Whether Each of the Following Statements Is True or False

question 97

Short Answer

Indicate whether each of the following statements is true or false
_____ a)The general ledger is often called the book of original entry.
_____ b)Transactions are first recorded in the journal and then transferred to the ledger.
_____ c)The process of making entries into a journal is called posting.
_____ d)The ledger is an example of a source document.
_____ e)The list of a business's account titles and account numbers is called a chart of accounts.

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Definitions:

Preauthorized Payments

Financial transactions that are set up in advance to regularly move funds from one account to another, commonly used for recurring bills and subscriptions.

Magnetic Ink Character Recognition

A technology used to verify the legitimacy and facilitate the processing of checks and other documents, employing magnetic ink.

Special Ink

A unique form of ink used for specific purposes, such as security printing to prevent forgery or duplicity.

Legitimacy

Pertains to the lawfulness or authenticity of something, often referring to the power or authority being recognized as just and rightful.