Mark Is Creating Nu2U

question 22

Multiple Choice

Mark is creating Nu2U.com,a Web site through which he will enter into contracts over the Internet.Important terms to include in his offers include

• A)provisions specifying the remedies if the contract is breached.
• B)a detailed history of his business.
• C)glowing reviews from former customers.
• D)his educational background.

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Definitions:

Debit

A bookkeeping entry that increases the balance of asset and expense accounts, and decreases equity, liability, and revenue accounts.

Partnership Liquidation

The process of closing down a partnership by selling off assets, paying liabilities, and distributing the remaining assets to the partners.

Incorrect Step

A step in a process or procedure that has been performed wrongly, often leading to errors or undesired outcomes.

Capital Account

An account recording the capital contributions of owners and investors, along with retained earnings and long-term debt.