Each Journal Entry Should Contain a Brief Description of the Transaction

question 118

True/False

Each journal entry should contain a brief description of the transaction.

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Definitions:

Specific Performance

An order of the court requiring that a nonbreaching party fulfill the terms of the contract.

Non-Contractual Relationships

Interactions between parties that are not governed by a formal written or spoken contract, but still may involve legal obligations.

Duty of Obedience

is the responsibility of the directors and officers of a corporation to act in accordance with the corporation's charter, bylaws, and the law in decision-making processes.

Lawful Instruction

Refers to directives or orders given that are within the bounds of the law and ought to be followed by the recipients.