By Definition,a Sale Under Article 2 of the UCC Requires

question 19

Multiple Choice

By definition,a sale under Article 2 of the UCC requires:

• A) that the parties involved be merchants.
• B) that the product involved be goods, services, or a mixture; that the sale be between or among merchants; and that the sale take place in the normal course of business for that industry.
• C) that title to the goods pass between the seller and the buyer and that a price be paid for the goods.
• D) that the service being sold cannot be a gift or a bailment.

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Definitions:

General Journal

An accounting journal where all types of transactions are initially recorded, before being posted to specific accounts in the ledger.

Accounting System

A systematic process used by entities to track financial transactions and summarize financial data.

Cost Effectiveness

An assessment that compares the relative costs and outcomes (effects) of different courses of action.

Useful Information

Data or facts that are relevant and beneficial to decision-making processes, ensuring accuracy and timeliness.