An Implied Contract Is Not an Actual Contract

question 54

True/False

An implied contract is not an actual contract.

Recognize the importance of coaching and mentoring by managers for subordinates’ development.

Understand that an executive coach provides temporary versus permanent mentorship.

Grasp the process and challenges in skill improvement within multisource feedback programs.

Identify self-development strategies involving diagnosing learning needs and finding relevant self-help techniques.

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Definitions:

Incurred

Describes expenses or liabilities that have been realized or consumed in the course of business operations.

Recorded

The process of making an official or formal documentation of a particular data or event in accounting or records.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the appropriate period.

Unearned Service Revenue

Income received by a company for services yet to be performed, considered a liability until the service is delivered.