Once Formed,constructs Tend to

question 56

Multiple Choice

Once formed,constructs tend to

• A) last only a short time.
• B) allow no possibility for change.
• C) weaken as we grow older.
• D) guide our behavior.

---

Definitions:

Revenue Recognition

The accounting principle governing the specific conditions under which revenue is recognized or recorded.

Nonrefundable Up-Front Fees

Payments made upfront for services that will not be returned, even if the service or product is not used or delivered as expected.

GAAP

Generally Accepted Accounting Principles; a set of accounting standards and practices used to prepare financial statements in the U.S.

Service Contract

A service contract is a legally binding agreement between two parties where one agrees to provide a specified service to the other for a payment.