The UCC Is New Legal Principles Established by Congress and Does

question 49

True/False

The UCC is new legal principles established by Congress and does not include common law.

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Definitions:

Accounts Receivable

Money owed to a company by its customers for products or services provided on credit.

Inventory

The total amount of goods or materials a company holds, meant for sale or production.

Acid-Test Ratio

A financial metric that measures a company's ability to pay off its short-term liabilities with its quick assets.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations with its current assets.