The UCC Imposes a Writing Requirement on All Assignments of $500

question 58

True/False

The UCC imposes a writing requirement on all assignments of $500 or more.

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Definitions:

Credit Postings

Entries made in the accounts to record increases in liabilities, revenues, or owner's equity and decreases in assets or expenses.

Owner Investment

Capital contributions made by the owner(s) or shareholders into a business, either in cash or other assets, for the purpose of funding operations or expansion.

Capital

The wealth in the form of money or other assets owned by a person or organization or available for a purpose such as starting a company or investing.

Revenue

Revenue is the total amount of money that a company receives from its activities, usually from the sale of goods and services to customers.