If a Fire Destroys an Office Building That Has Been

question 75

Multiple Choice

If a fire destroys an office building that has been listed for sale, the offer is automatically terminated due to ________.

• A) supervening illegality
• B) death or incompetency of the offeror
• C) destruction of the subject matter
• D) lapse of time

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Definitions:

Journalize

The process of recording financial transactions in a journal, which is the first step in the accounting cycle.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure they are in agreement and correct.

Adjusted Balance

The account balance after adjustments have been made for interest, payments, and charges.

Bank Statement

A document issued by a bank summarizing an account's transactions, including deposits, withdrawals, and current balance, over a specific period.