____ Means That the Contract Basically Has Been Fulfilled and Payments

question 406

Multiple Choice

____ means that the contract basically has been fulfilled and payments must be made.

• A) Serious performance
• B) Final performance
• C) Substantial performance
• D) Material fulfillment
• E) Good faith

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Definitions:

Journal Entry

A record of a financial transaction in an accounting system, consisting of debits and credits to maintain the double-entry accounting.

Discount on Bonds Payable

The gap between the nominal value of a bond and the price it is sold at when this price is lower than the bond's nominal value.

Redeems

The act of repaying or buying back something, such as a company repurchasing its own shares or a bond issuer paying back the principal at maturity.

Discount on Bonds Payable

The difference between the face value of bonds and their selling price when issued at less than their face value.