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MATCHING -John Marshall

question 102

Multiple Choice

MATCHING
-John Marshall

Differentiate between transactions that create and do not create deferrals.
Comprehend how the income statement and retained earning balances are connected.
Understand the purpose and preparation of unadjusted and adjusted trial balances.
Learn the financial reporting and disclosure requirements for dividends and earnings per share.

Definitions:

Unconscionable

A term applied to a contract in which one party has so much more bargaining power than the other party that the powerful party dictates the terms of the agreement and eliminates the other party’s free will.

Warranty Of Title

An assurance, inferred in every Uniform Commercial Code (UCC) sales transaction, that the seller has good and valid title to the goods and has the right to transfer the title free and clear of any liens, judgments, or infringements of intellectual property rights of which the buyer does not have knowledge.

UCC

The Uniform Commercial Code delivers a full suite of legal stipulations for handling commercial transactions across the United States.

Lien

A legal claim or right against a property that can be used as collateral to satisfy a debt owed by the property owner.

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