Events Are Economic Occurrences That Require Accounting Entries

question 59

True/False

Events are economic occurrences that require accounting entries.

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Definitions:

Legally Valid

Holding sufficient standing or force in law; capable of being legally or lawfully recognized or enforced.

Voidable

A situation or agreement that may be legally declared invalid or cancelable by one of the parties involved.

Unilateral Agreement

A unilateral agreement is a contract in which only one party makes a promise or undertakes a performance obligation, while the other party is not legally bound to reciprocate.

Bilateral Agreement

A legally binding contract between two parties or countries involving mutual commitments or trade-offs.