Under the UCC, A(n) __________ Is a Sequence of Previous

question 65

Multiple Choice

Under the UCC, a(n) __________ is a sequence of previous conduct between the parties to an agreement which may be fairly regarded as establishing a common basis of understanding for interpreting their conduct under the contract.

• A) usage of trade
• B) course of performance
• C) extrinsic set of evidence
• D) course of dealing

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Definitions:

GAAP

Generally Accepted Accounting Principles (GAAP) are a set of accounting standards used to prepare and report financial statements.

Fair Value

The market-based measurement of the value of an asset or liability, used for financial reporting purposes.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the financial reporting activities of companies worldwide.

GAAP

Generally Accepted Accounting Principles, a common set of accounting principles, standards, and procedures that companies must follow when compiling their financial statements.