For Each of the Following Sentences ,Select the Word or Group

question 90

Short Answer

For each of the following sentences ,select the word or group of words that best completes the statement.
$$\begin{array} { l l l } \text { Matching } & \text { Cash basis } & \text { Measurement } \\\text { Deferred revenue } & \text { Adjustments } & \text { Deferred expense } \\\text { Accrual basis } & \text { Recognition } & \text { Accrued asset }\end{array}$$
-The success of accounting as a form of communication depends on two concepts,____________________ and ____________________.

Understand the impact of operational changes (e.g., new machinery) on cost structure and profitability.

Calculate and interpret the sales mix and its effect on overall profitability.

Understand the concepts of contribution margin per unit and composite units in multi-product scenarios.

Understand the principles and methods of recognizing revenue under the installment sales method.

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Definitions:

Breach Of Contract

The violation of any term of a contract without a legitimate legal excuse, which allows the other party to the contract to seek legal remedies.

Recovery

The process of regaining possession or control of something lost or taken away, or the return to a normal state of health, mind, or strength.

Dishonor

The refusal or inability to accept or pay a bill of exchange, promissory note, or other credit instrument when due.

Real Defenses

Legitimate legal defenses available in disputing the validity or enforceability of negotiable instruments.