Dave's Uncle Tells Dave That If "He Feels That Dave

question 45

Multiple Choice

Dave's uncle tells Dave that if "he feels that Dave deserves it," he will give Dave $1,000 when Dave graduates from college. Dave's uncle's promise is

• A)illusory.
• B)enforceable.
• C)a forbearance.
• D)a preexisting duty.

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Definitions:

Age Group

A classification of people based on their age, often used in demographics and marketing.

Number of Days

Often refers to the time period used in finance and accounting to calculate interest, production times, or deadlines.

Balance Sheet Approach

A method focusing on a company's balance sheet to assess its financial condition by analyzing assets, liabilities, and equity at a specific point in time.

Allowance Account

A contra-asset account used to estimate future uncollectible debts from customers, reducing the total amount of outstanding receivables.