When a Sale Is Made on Account,Accounts Receivable Is Debited

question 267

True/False

When a sale is made on account,Accounts Receivable is debited.

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Definitions:

Unconscionable

In contract law, a contract that is grossly unfair or one-sided; one that “shocks the conscience of the court.”

Acceptance

In contract law, the act of agreeing to an offer, thereby creating a binding contract.

Quasi-contract

An obligation imposed by law in the absence of an agreement to prevent unjust enrichment.

Freedom of Contract

The principle that individuals have the liberty to freely enter into agreements and contracts without undue government interference.