An Informal Understanding of Expected Delivery of Benefits in the Future

question 5

Multiple Choice

An informal understanding of expected delivery of benefits in the future for current services is referred to as a(n) _____.

• A) psychological contract 
• B) collective bargain 
• C) indorsement 
• D) social contract

---

Definitions:

Correcting Entries

Entries made in a journal to correct mistakes or inaccuracies found in the financial statements or ledgers after they have been posted.

Revenue

The sum of income a corporation generates from selling products or offering services over a specified timeframe.

Expense

refers to the money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.

Prepaid Expense

Expenditures paid for in advance and recorded as assets before they are used or consumed.