A General Journal Is

question 163

Multiple Choice

A general journal is:

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

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Definitions:

California Statute

A written law passed by the California Legislature and signed by the governor or passed via the initiative process by voters in the state of California.

Proxy Solicitation

The process of collecting proxies from shareholders to vote on their behalf at a company's shareholder meetings.

Corporate Constituency

The various groups and individuals with interests in a corporation's operations, including shareholders, employees, customers, and the community.

Good Samaritan

A person who provides help or assistance to others in need without any expectation of reward, often protected by laws from liability in emergency situations.