A Creditor Beneficiary Has Rights Against the Promisee, but Not

question 46

True/False

A creditor beneficiary has rights against the promisee, but not the promisor.

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Definitions:

Month-end Postings

The journal entries made at the end of the month to record all transactions and adjustments for that month.

Financial Year

A period of twelve months used for accounting purposes and the preparation of financial statements, not necessarily aligning with the calendar year.

Cash Receipts Journal

A specialized accounting journal used to record all money that is received by a business.

Cash Sale

A transaction where payment for a good or service is made at the time of the sale, usually in the form of cash or equivalent.