The Original Source of the Uniform Commercial Code Was

question 37

Multiple Choice

The original source of the Uniform Commercial Code was:

• A) the U.S. Constitution.
• B) Congress.
• C) the state legislature of Delaware.
• D) the United Nations.
• E) the National Conference of Commissioners on Uniform State Laws.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to update the accounts and ensure they reflect all revenues earned and expenses incurred during the period.

Deferred Revenue

Income received by a company for goods or services yet to be provided; recognized as a liability until the service or product is delivered.

Journal Entry

A record in accounting that represents a transaction where debits and credits are equal, documenting financial transactions in the ledger.