Under a Contract, an Assignment of Negotiable Instruments

question 13

Multiple Choice

Under a contract, an assignment of negotiable instruments

• A)cannot be prohibited.
• B)can be prohibited only by an anti-assignment clause.
• C)can be prohibited only by the obligor.
• D)is prohibited under any circumstances.

---

Definitions:

Statement of Income

A financial report summarizing the revenues, expenses, and profits/losses of a company over a specified period, also known as an income statement.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries have been made, used to prepare financial statements.

Accrued Salaries

Salaries that have been earned by employees but have not yet been paid by the company, often recorded as a liability on the balance sheet.

Services Paid

Expenses related to services that have been paid for by a company or individual.