A(n) ________ Refers to a Condition Whose Occurrence or Nonoccurrence

question 34

Multiple Choice

A(n) ________ refers to a condition whose occurrence or nonoccurrence of a specific event automatically excuses the performance of an existing contractual duty to perform.

• A) condition precedent
• B) condition subsequent
• C) concurrent condition
• D) implied condition

Understand various methods of gaining admittance to a partnership.

Understand and apply the principles of adjusting entries in accounting.

Calculate expenses and revenues accurately based on provided data.

Prepare adjusting journal entries for various accounting scenarios.

---

Definitions:

Culture

The shared values, norms, behaviors, and artifacts of a group of people, transmitted from one generation to another.

Power Distance

A measure of the extent to which less powerful members of organizations and institutions accept and expect that power is distributed unequally.

Uncertainty

The state of being unsure or having doubts, which can apply to a wide range of situations and contexts, including information, outcomes, and conditions.

Ambiguity

The quality of being open to more than one interpretation; inexactness or uncertainty in meaning.