According to the UCC,an Enforceable Agreement Involving the Transfer of Title

question 64

Multiple Choice

According to the UCC,an enforceable agreement involving the transfer of title of goods from a seller to a buyer for a price is called a(n) :

• A) commercial contract.
• B) express contract.
• C) formal contract.
• D) sale.

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Definitions:

Direct Method

A way to present the cash flow from operating activities by listing major operating cash receipts and payments, making it easier to understand than the indirect method.

Operating Activities

Day-to-day actions that relate directly to the production, sale, and delivery of a company’s products and services.

Depreciation Expense

An accounting method that allocates the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.

Indirect Method

A way of preparing the cash flow statement where net income is adjusted for non-cash transactions, deferred incomes, and the change in working capital.