Third Parties to a Contract Are Those Who Are Not

question 18

Multiple Choice

Third parties to a contract are those who are not a party to the contract but who:

• A) are witnesses to a contract.
• B) are affected by it.
• C) are part of a contract of three persons.
• D) always have rights under the contract.

Comprehend the purpose of adjusting entries and their role in the accounting cycle.

Identify the various types of adjusting entries and their impact on financial statements.

Recognize the principles of revenue recognition and the matching principle as foundations of accrual accounting.

Grasp how deferred revenues and expenses are treated within the accounting cycle.

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