In terms of contract law, consideration means ________
A) mental capacity
B) something of real value
C) minor status
D) duress
E) acceptance
B
Explanation: B) Something of real value must be exchanged in any valid contract, whether it is an exchange of services or goods (trading or bartering) or payment for services or goods.
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Answer the following statement true (T) or false (F)
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What will be an ideal response?
Which of the following errors would cause the debit side of a trial balance to be larger than the credit side?
A. Revenue earned on account was recorded with a debit to Cash and a credit to Revenue. B. Land purchased with cash was recorded with a debit to the Land account and a credit to Accounts Payable. C. Purchase of supplies on account was recorded with a credit to Supplies and a debit to Accounts Payable. D. None of these answer choices would cause the debit side of the trial balance to be larger than the credit side.
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Indicate whether the statement is true or false