Kinship and Free Association Are Examples of

question 76

Multiple Choice

Kinship and free association are examples of

• A) choices people make about their friendships.
• B) the two basic types of social institutions, one chosen, the other not.
• C) social clubs that operate as microcosmic cultures.
• D) types of social institutions that, along with the family and the military, represent the basic institutions.

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Definitions:

Liability Until Earned

Liability Until Earned refers to revenue received in advance of being earned and is recorded as a liability on a company's balance sheet until the service or product is delivered.

Recorded As Revenue

The process of recognizing the amount of money earned from providing goods or services in the financial records during a specific accounting period.

Rental Period

The span of time for which a tenant agrees to rent an asset, such as property or equipment, from a landlord or lessor.

Adjusting Entry

Journal entries made at the end of an accounting period to update accounts for accruals and deferrals not recorded during the period.