The General Ledger and Reporting System Consists of the ________

question 30

Multiple Choice

The general ledger and reporting system consists of the ________ involved in ________ the general ledger and ________ reports.

• A)business transactions;updating;processing
• B)data processing;business transactions for;printing
• C)information processing;updating;creating
• D)business transactions;data processing;preparing

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Definitions:

Good Faith Purchaser

An individual who buys property without knowledge of any existing claims or defects against it, thereby acquiring legal rights to the property.

Minor

A person under the legal age of majority, often under 18, thus restricted in certain legal capacities.

Ratification

The formal validation of a proposed contract, amendment, or treaty, often requiring official approval to become legally effective.

Ratify

To formally approve or confirm an agreement or action, making it officially valid.