Which of the Following Items Is NOT a Key Element

question 50

Multiple Choice

Which of the following items is NOT a key element in the definition of a group?

• A)two or more members
• B)members share some characteristic,such as eye color or date of birth
• C)interpersonal connections among members
• D)some type of bond that links the members to the group itself

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Definitions:

Initial Franchise Fee

An upfront cost that a franchisee pays to a franchisor for the rights to use the brand and operate under the franchise agreement.

Recorded as Revenue

The recognition of income when earned by the company, typically upon delivery of goods or completion of services.

Installment Sales Method

The installment sales method is an accounting technique used to recognize revenue and expenses for sales made on credit, wherein income is recognized as installment payments are received.

Recognizing Profit

The process of formally acknowledging and recording income on the financial statements when it is earned, regardless of when the cash is received.