Examlex
Suppose parties to a contract that is under the UCC fail to specify some term. The UCC:
Accrual Basis
An accounting method where transactions are recorded when they are earned or incurred, regardless of when cash is exchanged.
Cash Basis
An accounting method where revenues and expenses are recorded when they are actually received or paid out, not when they are earned or incurred.
Time Basis
A method of compensation or work arrangement based on the amount of time spent on a job rather than the task's outcome.
Expenses Recorded
The process of documenting all costs incurred during a specific period in the financial records, which are used to assess the company's profitability.
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