A Contract Is _______________ If One or Both of the Parties

question 46

Multiple Choice

A contract is _______________ if one or both of the parties have the ability to either withdraw from the contract or enforce it.

• A) Voidable.
• B) Executory.
• C) Implied.
• D) Executed.
• E) Void.

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Definitions:

Unearned Revenues

Income received by a company for goods or services that have yet to be delivered or performed.

Source Documents

Original records that provide evidence and details of business transactions, such as receipts and invoices.

Debit

A financial record that elevates an asset or expense account, or lessens a liability or equity account.

Double-entry Accounting

An accounting method where every financial transaction results in equal and opposite effects in at least two different accounts.