If Number of Debits Equal Number of Credits in the Unadjusted

question 92

True/False

If number of debits equal number of credits in the unadjusted trial balance,you have made no errors in preparing and posting journal entries.

---

Definitions:

Personal Property Security Act

A body of law that governs the rights of creditors and debtors with respect to personal property used as security.

Secured Transaction

A collateral right to debt giving the creditor the right to take back the goods or intercept the debt owing used as security in the event of default.

Division I Proposal

An alternative to bankruptcy, created by the Bankruptcy and Insolvency Act, whereby the debtor secures some time to reorganize his affairs and make a proposal for partial payment that will satisfy his creditors; if the creditors reject the proposal, the insolvent debtor is deemed to have made an assignment in bankruptcy from the day of the meeting of the creditors, and the normal bankruptcy procedures follow.

Consumer Debtors

Individuals or entities that owe money for personal, as opposed to business, expenses.