Which of the Following Is NOT an Example of an Entity

question 26

Multiple Choice

Which of the following is NOT an example of an entity retaining significant risks and rewards of ownership?

• A) The entity retains an obligation for unsatisfactory performance not covered by normal warranty provisions.
• B) The receipt of revenue from a particular sale is contingent on the buyer reselling the goods.
• C) The goods are shipped subject to installation, and the installation is a significant part of the contract that has not yet been completed by the entity.
• D) The buyer has the right to rescind the purchase for a reason specified in the sales contract. The entity is confident that this option will not be exercised.

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Definitions:

Mentoring Relationships

Professional relationships where a more experienced or knowledgeable individual helps to guide and develop a less experienced or knowledgeable person.

Protégés

Individuals who are guided and supported by more experienced and influential mentors in their career or personal development.

Reassessing

The act of revising or reevaluating something to make necessary adjustments or to consider new information.

Goals And Ambitions

The desired outcomes, aspirations, or targets that an individual or organization strives to achieve through concerted efforts.