Two Basic Requirements for Obtaining Information Are To

question 7

Multiple Choice

Two basic requirements for obtaining information are to:

• A)listen and observe.
• B)listen and respond.
• C)observe and analyze.
• D)assess and evaluate.

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Definitions:

Fixed Compensatory

Relates to a form of compensation or damages that are predetermined and not subject to change.

Memorandum Entry

This refers to a journal entry made in the financial records to note a significant event or transaction that doesn’t involve a direct exchange of cash or value and hence does not affect the financial statements directly.

Stock Option Plan

A compensation strategy that allows employees to purchase company stock at a predetermined price.

Liability Account

An account used in accounting to keep track of obligations or debts that a company owes to others, representing claims against the company's assets by external parties.