Which of the Following Terms Would Be Considered Material Terms

question 71

Multiple Choice

Which of the following terms would be considered material terms?

• A)Quantity,quality,and subject matter,but not price or parties
• B)Subject matter,price,parties,quality,and quantity
• C)Subject matter but not price,quantity,quality,or parties
• D)Price and subject matter,but not quantity,quality or parties
• E)Subject matter,quality,and price,but not quantity or parties

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was acquired and put into use.

Unearned Ticket Revenue

Revenue received from tickets sold for future events, which is considered a liability until the service (the event) is provided.

Adjusted Trial Balance

An accounting worksheet that reflects the account balances after adjustments are made for accruals and deferrals at the end of a reporting period.

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operating costs, indicating the profitability over a specified time period.