A ______ Is a Legally Binding Promise to Make Specific

question 51

Multiple Choice

A ______ is a legally binding promise to make specific future payments.

• A) Stock
• B) Coupon
• C) Bond
• D) Deposit

---

Definitions:

Rental Receipts

Income received from renting out property or equipment.

Unearned Revenue

Refers to payments received for products or services yet to be fulfilled, a liability on the balance sheet until delivery of service or product.

Financial Statements

Reports that provide detailed information about a company's financial performance and position, including the balance sheet, income statement, and cash flow statement.

Adjusted Trial Balance

A listing of all the accounts and their balances after adjustments have been made to reflect final balances for an accounting period.