Which of the Following Is Not an Element of an Accord

question 13

Multiple Choice

Which of the following is not an element of an accord and satisfaction?

• A) a bona fide dispute
• B) a proposal to settle the dispute
• C) performance of the agreement to settle the dispute
• D) reservation of rights under the federal Consumer Credit Protection Act

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Definitions:

Managerial Accounting

A field of accounting focused on providing financial information within a company to assist in decision-making and strategy development.

Financial Accounting

The field of accounting concerned with the summary, analysis, and reporting of financial transactions pertaining to a business.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction.

Managerial Accounting

The practice of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization's goals.