Giving Up Something That Has Value in Return for an Act

question 14

Multiple Choice

Giving up something that has value in return for an act or promise is:

• A)Compromise
• B)Consideration
• C)Contract
• D)Offer
• E)Acceptance

---

Definitions:

Electronic Funds Transfer

The digital transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems.

Accounts Payable

The amounts a company owes because it purchased goods or services on credit from a supplier or vendor.

Internal Control

A process designed by an organization's management and personnel to provide reasonable assurance regarding the achievement of effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.