Accounts Receivable Cannot Be Transferred Under the Provisions of ITA

question 68

True/False

Accounts receivable cannot be transferred under the provisions of ITA 85(1).

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Definitions:

Negotiated

Refers to the process by which parties discuss and reach a mutual agreement on the terms and conditions of a deal or contract.

Joint Payees

Individuals or entities who are named together on a financial instrument and to whom the amount specified is payable jointly.

Payable

The status of an obligation that is due to be paid.

Instrument

A written legal document that formalizes an agreement or an obligation.