Consideration Is the Value Given in Return for a Promise

question 9

True/False

Consideration is the value given in return for a promise.

---

Definitions:

Fees Earned

Revenue generated from services provided or work completed.

Net Income

The net income of a company, which is derived by deducting all costs, taxes, and losses from the overall revenue.

Net Loss

The result of a company’s expenses exceeding its revenues during a specific period, indicating a negative financial performance.

Debit Columns

Sections in accounting journals or ledgers where debits are recorded, used for increasing asset and expense accounts and decreasing liability, equity, and revenue accounts.