Contracts for the Sale of Patents,automobiles,cleaning Services and Paper Clips

question 36

True/False

Contracts for the sale of patents,automobiles,cleaning services and paper clips would all be governed by Article 2 of the Uniform Commercial Code.

---

Definitions:

Journal Entry

A record in the accounting journal that represents a business transaction, including information such as the date, accounts affected, and amounts debited and credited.

Process Costing System

An accounting system used to evaluate the cost associated with a production process that continuously produces homogeneous products.

Raw Materials Inventory

The total cost of all parts and materials held in stock by a company that are intended for use in production.

Purchase

The act of acquiring goods or services, often in exchange for money.