Under the Allowance Method,when a Specific Account Is Written Off

question 109

Multiple Choice

Under the allowance method,when a specific account is written off,

• A)total assets will be unchanged.
• B)total assets will decrease.
• C)net income will decrease.
• D)total assets will increase.

Recognize exceptions to the rule requiring consideration, including promissory estoppel and modifications under the UCC.

Distinguish between bilateral and unilateral contracts and their respective considerations.

Assess the role of adequacy of consideration in contract enforcement and exceptions related to fraud.

Explain the preexisting duty rule and its exceptions, including additional work and unforeseen circumstances.

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Definitions:

Innate Ability

A natural talent or skill that a person is born with.

Active Listening

The practice of giving full attention to a speaker, understanding their message, and responding thoughtfully.

Own Biases

Own biases are the preset inclinations or prejudices an individual holds towards other people, objects, or ideas, often unconsciously influencing their perceptions and decisions.

Listening for Feelings

Paying attention to and understanding the emotions or sentiments expressed by someone, beyond just the words spoken.