The Uniform Commercial Code Does Not Apply To

question 46

Multiple Choice

The Uniform Commercial Code does not apply to:

• A) employment contracts.
• B) service contracts.
• C) insurance contracts.
• D) contracts involving real property.
• E) All of these.

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Definitions:

Adjusted Trial Balance

A trial balance that accounts for all adjustments made in the accounting period, used for preparing financial statements.

General Ledger Accounts

The complete record of all financial transactions over the life of a company, organized by account.

Income Statement Accounts

Income statement accounts are those financial accounts that track the revenues, expenses, gains, and losses of a business, which together determine its net profit or loss for a period.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate revenues and expenses to the period in which they actually occurred.