Which of the Following Does Not Correctly Describe the Implications

question 15

Multiple Choice

Which of the following does not correctly describe the implications of an executory contract on the accounting entries and/or disclosures to be made by the purchaser and/or seller?

• A)Assets and liabilities are usually recorded at inception of the contract.
• B)Assets and liabilities are usually not recorded at inception of the contract.
• C)Contract details should be disclosed if the amounts are abnormal in relation to the entity's normal business operations.
• D)Assets and liabilities are recognized as performance has occurred.

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Definitions:

Achievement Motivation

The drive to excel, achieve in relation to a set of standards, or pursue success in tasks.

Social Isolation

A state where an individual lacks a sense of social belonging, social engagement, and fulfilling relationships, often leading to feelings of loneliness and depression.

Fundamental Adaptive Motive

An innate drive that guides behavior and decision-making for adaptation and survival.

Classical Conditioning

A learning procedure in which a biologically potent stimulus is paired with a previously neutral stimulus to produce a behaviorally significant response.