Liquidated Damages Are Damages That Are Certain in Amount

question 56

True/False

Liquidated damages are damages that are certain in amount.

---

Definitions:

Cash Over

This term indicates a situation where the actual amount of cash exceeds the expected or recorded amount, often in a cash register or in accounting records.

Income Statement

A financial statement that shows the income, expenses, and profits over a specific period, indicating the financial performance of a business.