Which of the Following Terms Refers to a Widely Shared

question 20

Multiple Choice

Which of the following terms refers to a widely shared view about what ideas,interests,institutions,or freedoms promote welfare of people?

• A) Void contract
• B) Public policy
• C) Implied-in-fact policy
• D) Express contract

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Definitions:

Expense Recognition

The accounting principle that matches incurred expenses to the revenue they generate, recognizing expenses in the same period as the related revenues.

Revenue Recognition Principle

The accounting principle that revenue should be recorded when earned, regardless of when payment is received.

Services Performed

The actions or tasks provided by a business to its customers for a fee.

Salaries And Wages Payable

Liabilities owed to employees for work performed that are unpaid at the end of a reporting period.