​A Contract Necessarily Involves Two Parties

question 53

True/False

​A contract necessarily involves two parties.

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Definitions:

Supplies

Items that are used in the daily operations of a business or organization, often consumed in the process.

Accounts Receivable

Receivables from customers for products or services rendered by a company, awaiting payment.

Accounts Payable

An accounting entry representing a company's obligation to pay off a short-term debt to its creditors or suppliers.

Correcting Entry

An accounting entry made to correct any erroneous or previously misunderstood transactions recorded in the financial statements.