In Which of the Following Years Were There No Legal

question 30

Multiple Choice

In which of the following years were there no legal executions for the first time in American history?

• A) 1852
• B) 1887
• C) 1917
• D) 1968
• E) 1972

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Definitions:

Revenue Recognition Principle

An accounting principle that dictates the specific conditions under which revenue is recognized or recorded.

Performance Obligation

A duty or task that a company must perform to satisfy a contractual commitment within a customer contract.

Accounting Period

An Accounting Period is a specific time frame for which financial statements are prepared, helping to compare and analyze financial performance and position, commonly a year, quarter, or month.

Time Period Assumption

The accounting principle that assumes a business's complex and continuous activities can be divided into shorter periods, such as months, quarters, or years, for reporting purposes.