Which of the Following Is NOT True Concerning the Requirements

question 32

Multiple Choice

Which of the following is NOT true concerning the requirements for an effective assignment?

• A) The assignment must be voluntary.
• B) Consideration is required.
• C) There must be an intention to make the assignee the owner of the right.
• D) The assignment may be either written or oral.

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Definitions:

Optional Step

A step in a process or procedure that is not required to be completed but may be performed based on individual preference or circumstances.

Worksheet

A worksheet is an informal document used by accountants for organizing and adjusting financial information before preparing financial statements.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check the accuracy of the accounts.

Annual Accounting Period

A 12-month period over which a company reports its financial performance, often aligned with the calendar year or fiscal year.