Which of the Following Laws Has a Registry Where Any

question 41

Multiple Choice

Which of the following laws has a registry where any creditor can register their claims on a debtor's asset?

• A)Consumer Protection Act
• B)Personal Property Security Act
• C)Canada Business Corporations Act
• D)Sale of Goods Act
• E)Bank Act

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Definitions:

Accrual Accounting

An accounting method that records revenues and expenses when they are incurred, regardless of when cash transactions occur.

Cash Basis

An accounting method where revenues are recognized when cash is received and expenses are recognized when paid.

Costs Expire

This concept relates to the recognition of expenses in the income statement when the underlying value or utility of the cost is consumed or no longer exists.

Operating Cycle

The time period between purchasing raw materials and collecting cash from selling finished goods, measuring the efficiency of a company's operations and cash flow.