The CISG Requires That All Contracts Should Be in Writing

question 61

True/False

The CISG requires that all contracts should be in writing.

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Definitions:

Unearned Revenue

Unearned revenue refers to payment received for goods or services that have not yet been delivered or rendered. It is recorded as a liability on the balance sheet until the transaction is completed.

Accrued Expense

Expenses that have been incurred but not yet paid for, recognized in the accounting periods they are incurred rather than when cash changes hands.

Unearned Revenue

Income received by a company for goods or services that have not yet been delivered or performed; it is recorded as a liability on the balance sheet until the goods or services are provided.

Rental Payments

Periodic payments made by a lessee to a lessor for the use of an asset.