A Journal Entry That Affects No More Than Two Accounts

question 251

True/False

A journal entry that affects no more than two accounts is called a compound entry.

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Definitions:

Postbox Rule

A legal principle that an offer is considered accepted once the acceptance is dispatched by the offeree, not when it is received by the offeror.

Elephant Garlic

A large, mild-flavored variety of garlic that resembles a bulb of leek rather than a true garlic.

Invitation to Treat

An invitation for parties to make an offer, which can then be accepted or rejected, not an offer itself.

Breach of Contract

The violation of any term or condition in a contract without lawful excuse.