________ Is a Legal Doctrine That Restricts a Party from Denying

question 22

Multiple Choice

________ is a legal doctrine that restricts a party from denying that a promise was made under certain conditions,even though consideration has not been exchanged to bind an agreement.

• A)Statutes of limitations
• B)Promissory estoppel
• C)Locus sigilli
• D)Accord and satisfaction

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Definitions:

Adjusted Trial Balance

A trial balance that reflects all adjustments made to the general ledger accounts, ensuring the debits equal the credits prior to preparing financial statements.

Balance Sheet Columns

Sections within the balance sheet that categorize assets, liabilities, and equity accounts to display a company's financial position at a specific point in time.

Net Income

Net income is the total profit of a company after all expenses, taxes, and costs have been deducted from total revenue.

Retained Earnings

The portion of net income left over for the business after it has paid out dividends to its shareholders, which is reinvested in the business.