An Unauthorized Signature Binds the Person Whose Name Is Forged

question 61

True/False

An unauthorized signature binds the person whose name is forged.

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Definitions:

Expense Account

An account used to track money spent or costs incurred in the operation of a business, contributing to the overall expenses.

Owner's Capital

The total equity or financial contribution provided by the owner(s) of a business.

Prepaid Insurance

An asset account that represents payments made for insurance coverage before the coverage period.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to ensure accuracy.