Which of the following statements is FALSE?
A) Future consideration can be valid consideration.
B) Past consideration is not valid consideration.
C) A contract that is sealed satisfies the courts concern for consideration
D) Each party to a contract must receive consideration of equal or similar value.
E) Consideration can be in the form of goods, services or money.
D
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The accounting statement that measures the revenues, expenses, and net income of a firm over a period of time is called the:
a. statement of cash flows b. income statement c. GAAP statement d. balance sheet e. net working capital schedule
Most countries have adopted legislation for data and information practices that spell out the rights of citizens and the responsibilities of the data holders
Indicate whether the statement is true or false