A Common Approach to Keeping a Record of Each Customer's

question 45

True/False

A common approach to keeping a record of each customer's accounts receivable is to use a subsidiary accounts receivable ledger.

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Definitions:

Revoking Assignment

The act of withdrawing or cancelling a task, duty, or responsibility that has been assigned to someone.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.

Prohibits Assignments

A clause within contracts that restricts or forbids the transfer of rights, responsibilities, or interests from one party to another without prior approval.

Partial Assignment

The transfer of a portion of one’s interest in a contract, deed, or benefit to another party.