Which of the Following Is the Formal Legal Document Used

question 3

Multiple Choice

Which of the following is the formal legal document used to transfer ownership of personal property?

• A) Warranty Deed
• B) Mortgage
• C) Bill of Sale
• D) UCC-2 Financing Statement

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Definitions:

Fiscal Year

A one-year period that companies use for accounting and financial reporting purposes, which may or may not coincide with the calendar year.

Unexpired Insurance

The portion of an insurance premium that has not yet been used up and is considered a prepaid expense for the company.

Supplies Expense

The cost associated with consumable items or supplies used during a company's operations within an accounting period.

Adjusting Entry

A journal entry made at the end of an accounting period to record any unrecognized income or expenses for that period.