Elin Owes Floyd $10,000

question 7

Multiple Choice

Elin owes Floyd $10,000. Floyd assigns the claim to Gary. Gary does not notify Elin of the assignment. Later, Floyd assigns the same claim to Holly. Holly immediately notifies Elin of the assignment. Holly has priority to payment in

• A)all states.
• B)states that follow the English rule.
• C)no state.
• D)most states.

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Definitions:

Investing Activities

Transactions involving the purchase and sale of long-term assets and other investments not considered cash equivalents.

Cash Flow

The total amount of money being transferred in and out of a business, especially affecting liquidity.

Accounts Receivable

Money owed to a company by customers for products or services that have been delivered or used but not yet paid for.

Unearned Sales Revenue

Money received by a company for goods or services yet to be delivered or performed.