The Term "Restricted" as Used in University Accounting Refers to a Constraint

question 110

Multiple Choice

The term "restricted" as used in university accounting refers to a constraint on the use of funds which has been:
I.internally imposed.
II.externally imposed.

• A)I only
• B)II only
• C)Either I or II
• D)Neither I nor II

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Definitions:

Express Contract

An express contract is a legally binding agreement where the terms are explicitly stated by the parties involved either orally or in writing.

Implied Contract

An agreement created by actions of the parties involved, rather than written or spoken words, which has the same legal force as a written contract.

Executed Contract

A contract in which all parties involved have fulfilled their obligations as outlined in the agreement.

Executory Contract

A contract that has not yet been fully performed.