The Legislation Creating Promissory Notes Is Found in Which Statute

question 45

Multiple Choice

The legislation creating promissory notes is found in which statute?

• A) Promissory Notes Act.
• B) Bills of Exchange Act.
• C) Securities Act.
• D) Financial Instruments Act.
• E) Personal Property Security Act.

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Definitions:

Trial Balance

A report listing all accounts with their respective balances, prepared again to ensure the total debits equal total credits in the accounting records.

Posting Reference Column

Part of accounting ledgers, indicating the journal page from which the transaction was posted.

General Journal

A foundational accounting document where financial transactions are initially recorded, providing a permanent record.

General Ledger

A general ledger is a complete record of all financial transactions over the life of a company.