Jennifer substantially performs her service contract with Gretchen. Due to Jennifer's failure to render complete performance, Gretchen
A) is discharged from any further contractual obligations
B) is required to pay the full contract price, minus the value of Jennifer's defective performance.
C) is required to pay the full contract price.
D) may declare a material breach and pay only for the value received.
B
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Indicate whether the statement is true or false
Lucille, an accountant, is subject to the accounting conventions, rules, and procedures that constitute generally accepted accounting principles (GAAP). GAAP are determined by
A. the International Accounting Standards Board. B. the American Bar Association. C. the American Institute of Certified Public Accountants. D. the Financial Accounting Standards Board.
Funding in any business must come first from the ________.
Fill in the blank(s) with the appropriate word(s).
The expense recognition principle, also called the matching principle:
A) Prescribes that accounting information is based on actual cost. B) Provides guidance on when a company must recognize revenue. C) Prescribes that a company report the details behind financial statements that would impact users' decisions. D) Prescribes that a company record the expenses it incurred to generate the revenue reported. E) Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.