Which of the Following Are Necessary to Meet the Requirements

question 27

Multiple Choice

Which of the following are necessary to meet the requirements of a definite offer?

• A)Identification of the parties,subject matter,and quantity.
• B)Consideration to be paid.
• C)Time of performance.
• D)A,B,and C.
• E)A and B only.

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Definitions:

Insurance Policy

A contract between an individual or entity and an insurance company, detailing the terms for payment of premiums and the provisions of coverage.

Adjusting Entries

Journal entries made at the end of an accounting period to update certain accounts and ensure they reflect the true financial position of a company.

Adjusting Entries

These are journal entries made in the accounts to adjust revenues and expenses to the period in which they actually occurred, ensuring that financial statements reflect accurate figures.

Estimated Items

Financial statement items that require a degree of estimation by management to determine the appropriate values to record.