The Statement That an Assignee "Takes Subject to the Equities

question 51

Multiple Choice

The statement that an assignee "takes subject to the equities" between the parties means that

• A)for the assignment to be enforced it must be an equitable assignment.
• B)the assignee gets no greater rights against the debtor/promisor than the assignor had.
• C)the debtor/promisor can enforce any rights it has against the assignor against the assignee.
• D)the court must decide whether it is fairer for the assignor or the assignee to be paid under the assignment.
• E)before an assignee can enforce an assignment against the debtor/promisor it must demonstrate fairness.

Identify and apply the correct accounting treatment for various types of cash expenditures.

Understand different inventory and sales documentation and their relevance in accounting practices.

Grasp the concept of FOB shipping point and FOB destination terms and their effects on revenue recognition and bonus calculations.

Understand the necessity and process of closing accounts within the accounting cycle.

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Definitions:

Muscular Dystrophy

A group of genetic disorders characterized by progressive weakness and degeneration of skeletal muscles over time.

Adult Weight

The body weight of an individual after fully completing physical growth, typically measured during adulthood.

Brain

The organ located in the head of humans and other animals that is the center of the nervous system, responsible for interpreting sensory inputs, coordinating involuntary and voluntary movements, and facilitating cognitive processes.

Percentage

A proportion or share in relation to a whole, represented as a fraction of 100.