Under the Provisions of the UCC, in Order to Hold

question 31

Multiple Choice

Under the provisions of the UCC, in order to hold the drawer liable, an uncertified check must be presented for payment within a maximum of

• A) seven days.
• B) twenty days.
• C) thirty days.
• D) sixty days.

---

Definitions:

Retained Earnings

The portion of net earnings not distributed to shareholders, instead reinvested in the core business or used to pay off debt.

Prior Period Adjustment

Corrections of errors in previously issued financial statements not attributable to the current period, affecting retained earnings directly.

Retained Earnings

The portion of a company's profits that is kept or reinvested in the business, rather than being paid out to shareholders as dividends.

Retained Earnings

The portion of a company's profits that is saved or retained and not distributed among shareholders as dividends, often reinvested in business operations.