Although There Are Some Exceptions, A[n] ________ Mistake Does Not

question 63

Multiple Choice

Although there are some exceptions, a[n] ________ mistake does not generally void a contract.

• A) Unclear
• B) Mutual
• C) Unilateral
• D) Clear
• E) Single

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Definitions:

Uncollectible

Accounts receivable that are considered unlikely to be collected, representing potential financial losses for a company.

Accounting Standards Update No. 2014-09

Accounting Standards Update No. 2014-09 is a comprehensive new revenue recognition standard issued by FASB, altering the way businesses recognize revenue from contracts with customers.

Revenue Recognition Methods

The principles that dictate the conditions under which revenue is recognized in the accounts, including delivery of goods/services, evidence of an arrangement, fixed or determinable price, and collectability is reasonably assured.

Revenue From Contracts

Income that a company recognizes from the fulfillment of performance obligations specified in contracts with its customers.