Human Resources Are

question 18

Multiple Choice

Human resources are:

• A) Valuable to the business but not owned or fully controlled by the business and as such not reportable as part of the wealth of the business
• B) Valuable to the business and recorded in the statement of financial position
• C) Valuable to the business but not recorded because they are difficult to quantify

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Definitions:

Statute Of Limitations

A statute that requires that certain classes of lawsuits must be brought within defined limits of time after the right to begin them accrued or the right to bring the lawsuit is lost.

Unenforceable Contract

An agreement that, due to legal deficiencies or circumstances, cannot be legally compelled by a court to be executed by the parties involved.

Executory Contract

A contract under which both parties to the agreement have obligations that remain to be fulfilled; if one side has completed its obligations, the contract is no longer executory.

Unilateral And Executed

Unilateral refers to an action or agreement made or performed by one party; executed means that the action has been completed or the agreement has been fully performed.