Table 201 Shows a Current Account

question 141

Multiple Choice

Table 20.1 shows a current account. In the table below, _____ is the balance on current account.​ ​
Table 20.1
($)

• A)−$1,500
• B)−$2,000​
• C)−$2,400​
• D)−$2,420​
• E)−$2,500​

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Definitions:

Sale Or Return

A commercial arrangement where goods are provided to a buyer or reseller who has the option to return unsold items within a specified period instead of purchasing them.

Accord And Satisfaction

A legal agreement between parties to settle a dispute by agreeing on a payment that is different from the original obligation.

Novation

The process of replacing an obligation to perform with a new obligation or substituting a new party to an agreement.

Anticipatory Repudiation

An assertion or action by a party indicating they will not perform their future obligations under a contract, allowing the other party to treat the contract as breached.