Name Two Purposes of Accounting

question 244

Essay

Name two purposes of accounting.

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Definitions:

Anticipatory Repudiation

A declaration by one party in a contract that they do not intend to fulfill their contractual obligations, giving the other party the right to legal remedies before the breach occurs.

Discharge

The release or extinguishment of an obligation, such as a debt or duty, usually upon its fulfillment or through legal processes.

Performance

The execution, accomplishment, or carrying out of something such as a task, a contract, or a duty.

Accord and Satisfaction

A legal agreement between parties to settle a dispute by both agreeing to and performing new terms different from the original contract.