A Promise to Repay Someone for a Benefit After the Benefit

question 10

Multiple Choice

A promise to repay someone for a benefit after the benefit has been received is known as:

• A) a pre-ordained contract.
• B) a pre-meditated contract.
• C) prior consideration.
• D) past consideration.

Describe the differences between perpetual and periodic inventory systems and their impact on journal entries.

Analyze the significance of footing and crossfooting in ensuring the accuracy of journal totals.

Prepare a schedule of accounts receivable and payable and understand its importance in financial reporting.

Discuss the concept and calculation of segment return on assets and its significance for profitability analysis.

---

Definitions:

Blood Plasma pH

A measure of the acidity or alkalinity of the blood plasma, which is crucial for maintaining homeostasis and proper physiological function.

Acidosis

A condition characterized by an excessive acidity in the body fluids, especially the blood.

Carbonic Acid Levels

The concentration of carbonic acid in a solution, which is important in the buffering of blood pH.

pH Increases

A condition indicating that a solution is becoming less acidic and more alkaline, moving toward a higher pH value.