A Contract Under Seal Is Called A(n)

question 15

Multiple Choice

A contract under seal is called a(n) :

• A) formal contract.
• B) informal contract.
• C) express contract.
• D) bilateral contract.
• E) quasi-contract.

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Definitions:

Accounting Records

Documents that businesses use to track their financial transactions and maintain financial accountability.

Journal

A record where all financial transactions are initially noted before they are posted to individual accounts in the ledger.

Revenues

The total amount of money received by a company for goods sold or services provided during a specific period.

Net Income

The remaining profit of a company after it has paid all operational expenses and taxes from its revenue.