Jason Is an Accountant

question 36

Multiple Choice

Jason is an accountant.When he is looking at clients' books,for him,profits are _____.

• A)the difference between revenues and expenses
• B)the sum of commissions earned and receipts
• C)the difference between sales and expenses
• D)the sum of sales and expenses

Know the requirements for a binding contract, including mutual assent, consideration, legality of object, and contractual capacity.

Identify the governing laws for different types of contracts (goods, services, employment).

Understand the principles of enforceability for noncontractual promises based on justifiable reliance.

Recognize when a contract is voidable due to material misrepresentation.

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Definitions:

UCC

Refers to the Uniform Commercial Code, an extensive collection of regulations that oversee business dealings within the United States.

Creator

An individual or entity responsible for bringing something into existence, especially in the context of intellectual or artistic works.

Negotiation

The process of discussing something with someone in order to reach a mutually acceptable agreement or compromise.

Order Instrument

A financial document that is payable to a specific person or entity, distinguishing it from bearer instruments which are payable to whoever holds the document.