A Journal Is a Record of Financial Transactions and Can

question 89

True/False

A journal is a record of financial transactions and can be thought of as a diary; it shows a chronological listing of a business's accounting activities.

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Definitions:

Services Rendered

Services rendered refer to the completion and provision of services agreed upon between a provider and a recipient.

Undisclosed Principal

A party in a contractual agreement whose identity is not revealed to the third party by the agent during the time of the agreement.

Partially Disclosed Principal

A principal whose identity is not known by a third party, although the third party is aware that the agent is making an agreement on behalf of a principal.

Vicariously Liable

A legal principle under which an individual or entity can be held legally responsible for the actions of another, typically in an employer-employee relationship.