Candace Enters into a Contract to Pay Parker for a Business

question 12

Multiple Choice

Candace enters into a contract to pay Parker for a business survey and review of Candace's competitors,which Parker delivers on June 1.Candace's offer,on the same date,to pay Parker is

• A)tandem.
• B)tonnage.
• C)tender.
• D)tinder.

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Definitions:

Assets

Resources owned by a business or individual that are expected to provide future economic benefits.

Liabilities

Liabilities are financial obligations or debts that an entity owes to external parties, expected to be settled over time through the transfer of economic benefits.

Owner's Equity

The residual interest in the assets of a business after all liabilities are subtracted, representing ownership's claim on assets.

Expenses

Expenses are the outflows or the utilization of assets or incurring of liabilities during a period in the course of generating revenue.