Accord and Satisfaction Is an Agreement Not to Proceed with the Performance

question 44

True/False

Accord and satisfaction is an agreement not to proceed with the performance of a contract already in existence.

---

Definitions:

Selling Short

The investment strategy of selling securities one does not currently own, with the expectation of buying them back later at a lower price.

Mark-To-Market

An accounting method where the value of assets and liabilities is adjusted to their current market values rather than being recorded at their original cost.

Tax Year

A 12-month period used for tax purposes, determining the timeframe over which income, deductions, and tax payments are calculated and reported.

Realize

To convert assets into cash or to acknowledge revenue or a profit in accounts.