Which of the Following Is Not a Characteristic of a Complete

question 30

Multiple Choice

Which of the following is not a characteristic of a complete contract?

• A)The contract allows for a party to exploit weaknesses in another party's position as the transaction unfolds
• B)Elimination of opportunistic behaviors
• C)Stipulation of each party's responsibilities and rights
• D)Binding instruction for each party on courses of action as the transaction unfolds
• E)Must be enforceable

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Definitions:

Subsidiary Accounts

Individual accounts contained within a general ledger, used to provide detailed information about a specific aspect of the business.

General Ledger

A comprehensive record of a company's financial transactions over the duration of its life, organized by accounts.

Accounts Receivable

Accounts receivable represents money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Subsidiary Accounts

Subsidiary accounts are detailed records that support or explain the balances in one or more general ledger accounts.