Raj Is Making a Wire Transfer for a Sum of $1,600

question 44

Multiple Choice

Raj is making a wire transfer for a sum of $1,600 to his friend's checking account.If Raj fails to comply with the rules of the transaction,he would be violating ________ of the Uniform Commercial Code (UCC) .

• A)Article 3
• B)Article 3A
• C)Article 4
• D)Article 4A

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Definitions:

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Accounting Equation

The fundamental equation of double-entry bookkeeping, stating that assets equal liabilities plus equity.

Office Equipment

Tangible items used in an office setting, such as computers, desks, and chairs, necessary for daily operations.

Liabilities

Financial obligations or debts that a company owes to external parties, which must be settled over time through the transfer of economic benefits.