When Does Acceptance of an Offer to Enter into a Unilateral

question 36

Multiple Choice

When does acceptance of an offer to enter into a unilateral contract generally occur?

• A) Upon notice of intent to accept by the offeree.
• B) Upon full performance by the offeror with the intention of accepting.
• C) Upon commencement of performance by the offeree.
• D) Upon full performance by the offeree with the intention of accepting.

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Definitions:

End-Of-Period Spreadsheet

A tool used in accounting to gather all the balances of ledger accounts to calculate adjustments and prepare financial statements at the end of an accounting period.

Closing Entry

A journal entry made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts, essentially resetting the temporary accounts for the new period.

Post-Closing

The final phase in the accounting cycle where accounts are prepared for the start of the next period, following the closing entries are made to reset temporary accounts.

Adjusted Trial Balance

A statement listing all accounts and their balances after adjustments, used to verify the equality of debits and credits before preparing financial statements.