Which of the Following Is True Regarding What Is Considered

question 63

Multiple Choice

Which of the following is true regarding what is considered a commercially reasonable manner by which notice of dishonor may be given to a secondarily liable party?

• A) The only commercially reasonable manner for notice of dishonor recognized by the UCC is certified mail.
• B) The UCC recognizes two manners of delivery for notice of dishonor that are considered commercially reasonable: written and electronic.
• C) The only commercially reasonable manner recognized by the UCC for notice of dishonor is written mail.
• D) Due to advances in technology, the only commercially reasonable manner recognized by the UCC for notice of dishonor is electronic communication.
• E) The UCC recognizes that oral, written, and electronic communications are all commercially reasonable ways in which to provide notice of dishonor.

Grasp the sequential steps of the recording process, starting with the transaction entry into the general journal.

Analyze transactions in terms of their effects on accounts for accurate journal recording.

Recognize the chronological nature of the journal as a transaction record.

Identify the role of source documents in evidencing transactions.

---

Definitions:

Simple Interest

Simple interest is a method of calculating the interest charge on a loan based on the original principal amount and the interest rate, without compounding.

Equivalent

Equal in value, amount, function, meaning, etc., often used in mathematics and chemistry.

Per Annum

A Latin term meaning "per year," often used in financial contexts to describe rates or amounts calculated over a yearly basis.

Invested

Invested refers to the allocation of resources, usually money, into a financial venture with the expectation of receiving future returns.