Which of the Following Statements Is FALSE

question 52

Multiple Choice

Which of the following statements is FALSE?

• A)A transaction is an exchange or event that has a direct and measurable financial effect.
• B)Every transaction has at least 2 effects.
• C)Current assets are economic resources to be used or turned into cash within one year.
• D)Notes payable is the account debited when money is borrowed from a bank using a promissory note.

Comprehend the impact of alterations, overdue status, and notice on the negotiability and holder in due course status.

Grasp the consequences of dishonor and the steps involved following a dishonor of a negotiable instrument.

Understand the concept of fraud in the inducement and fraud in the factum and how they affect liability.

Learn about specific UCC provisions related to discharge, impairment of collateral, and the warranties involved in the transfer of negotiable instruments.

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Definitions:

Hazing

The practice of imposing difficult or humiliating tasks on new members of a group as a form of initiation.

Training

The act of teaching or developing in oneself or others any skills and knowledge that relate to specific useful competencies.

Trenches

Long, narrow ditches used in warfare to protect soldiers from enemy fire, or metaphorically, to denote being deeply immersed in a challenging or demanding situation.

Socialization Process

The process by which individuals learn the values, norms, and required behaviors which are necessary for participating within their society or specific groups.