The Internet Is a Leading Component in the Rising Emergence

question 28

True/False

The Internet is a leading component in the rising emergence of digital technology.

Identify the types of contractual rights that are non-assignable.

Discern the types of contracts that require written evidence under the statute of frauds.

Differentiate between intended and incidental beneficiaries in contract law.

Explain the significance of assignments in contract law and the importance of giving notice to the obligor.

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Definitions:

Accounting Systems

Systems designed to record, process, and report financial transactions systematically and accurately for a business entity.

Journal Entry

An accounting record that documents a business transaction in the ledger, specifying the accounts affected and the amounts.

Posted Twice

Accidentally recording a financial transaction or entry in the accounting records more than once, which can lead to discrepancies and require correction.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to verify that the total debits equal total credits.