Which of the Following Is True of the UCC (Uniform

question 50

Multiple Choice

Which of the following is true of the UCC (Uniform Commercial Code) ?

• A) The UCC aims to create a uniform system of accounting among the 50 states.
• B) The common law of contracts normally takes precedence over the provisions of the UCC.
• C) Article 2 of the UCC prescribes a set of uniform rules for the creation and enforcement of rules of taxation.
• D) Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods.

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Definitions:

Markup

The percentage of the cost added to the cost price of items to cover overhead expenses and profit.

Job M

A specific task, project, or batch of work, often associated with job costing, designated by the letter 'M'.

Total Job Cost

The complete cost of a specific job, including all direct materials, direct labor, and overhead applied to that job.

Overhead Applied

The amount of overhead cost allocated to produced goods, based on a predetermined overhead rate.