Consideration Is Not Required In

question 23

Multiple Choice

Consideration is not required in:

• A) contracts for the sale of goods.
• B) employment contracts.
• C) agreements to modify employment contracts.
• D) agreements to modify contracts for the sale of goods.

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Definitions:

Two-column Journal

A type of accounting journal that consists of two columns, typically one for debits and one for credits.

General Ledger

A comprehensive record of a company's financial transactions over the life of the organization.

Journalizing Errors

Mistakes made during the recording of transactions in the accounting journals.

Computerized Accounting System

An application or software used for recording and processing accounting transactions within functional modules such as accounts payable, accounts receivable, and payroll.