Which of the Following Will NOT Result in the Discharge

question 10

Multiple Choice

Which of the following will NOT result in the discharge of a contract by operation of law?

• A)The merger of a simple contract into a formal contract.
• B)The death of one of the parties to a contract other than for personal services.
• C)The material alteration of a written contract without the consent of the other party.
• D)The bankruptcy of one of the parties.

Understand the significance of earnings per share and its disclosure requirements.

Recognize the treatment and implications of different revenue and expense categories on financial performance.

Understand the relationship between the income statement, the balance sheet, and the impact of revenue recognition on financial statements.

Identify the nature of expenses and revenues and their impact on operating income and net income.

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Definitions:

Income Statement

A financial document that reports a company's financial performance over a specific accounting period, detailing revenues and expenses to show net income or loss.

Net Income

The total earnings of a company after deducting all expenses, taxes, and losses from total revenue.

Percentage Increase

A measure of how much a quantity has grown, typically expressed as a fraction of the starting value.

Ending Cash

The amount of cash available at the end of a specific accounting period, reflected in the company's financial statements.