Briefly Discuss the Meaning of Bilateral,unilateral,executory,and Executed Contracts

question 40

Essay

Briefly discuss the meaning of bilateral,unilateral,executory,and executed contracts.

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Definitions:

Transaction Errors

Mistakes or inaccuracies occurring in the recording, processing, or reporting of financial transactions.

Debit

Amount entered on the left side of an account.

Credit

In financial terms, credit is the ability to borrow money or access goods or services with the understanding that payment will be made in the future.

Adjusting Journal Entry

A record created at the conclusion of a financial period to distribute revenues and expenses to their relevant period.