Which of the Following Is a Key Step in the Accounting

question 262

Multiple Choice

Which of the following is a key step in the accounting cycle?

• A) Recording information into journals
• B) Collecting data from customers
• C) Forecasting expenses and revenues
• D) Preparing the advertising message

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Definitions:

Executory Contract

An agreement between parties that has not yet been fully performed or completed by one or more parties.

Executed Contract

An executed contract refers to a legal agreement that has been fully performed, meaning all parties involved have fulfilled their contractual obligations.

Quasi Contract

An obligation imposed by law to prevent unjust enrichment, in the absence of an actual agreement between the parties involved.

Quasi Contract Theory

A legal concept that allows a court to award damages to a party as if a contract existed, even though one does not, to prevent unjust enrichment.