A General Journal Is

question 206

Multiple Choice

A general journal is:

• A) A ledger in which amounts are posted from a balance column account.
• B) A complete record of all transactions in chronological order from which transaction amounts are posted to the ledger accounts.
• C) Not required if T-accounts are used.
• D) A book of final entry because financial statements are prepared from it.
• E) Not necessary in electronic accounting systems.

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Definitions:

Equitable Remedies

Non-monetary judicial remedies, such as injunctions or specific performance, granted when traditional legal remedies are inadequate to resolve a dispute fairly.

Adequate Remedies

Legal solutions or compensation that are considered sufficient to remedy a breach of contract or violation of rights.

Commercial Impracticability

A doctrine in contract law allowing parties to be released from their obligations due to unforeseen events that make execution of the contract excessively burdensome.

Frustration of Purpose

A doctrine in contract law that excuses performance of a contract when an unforeseen event undermines the contract's original reason for existence.