The Process of Initially Recording Business Transactions in a Journal

question 37

Multiple Choice

The process of initially recording business transactions in a journal is:

• A)sliding.
• B)posting.
• C)journalizing.
• D)transposing.

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Definitions:

Fraud

(1) An intentional deception that causes harm to another. (2) A basis for contesting a will if the testator relied on false statements when he or she made the will.

False Statements

Assertions or claims that are not true, which in certain contexts, such as under oath in court or in financial reporting, can be illegal or fraudulent.

Undue Influence

A legal term referring to a situation where an individual is able to persuade another's decisions due to the relationship between the two parties.

Beneficiary

(1) A person who can expect to benefit from a relationship. (2) A person who receives, or will receive, the proceeds from an insurance policy or a will.