Which Section of the UCC Defines What a Merchant Is

question 54

Multiple Choice

Which section of the UCC defines what a merchant is?

• A)2-104(1)
• B)2-302
• C)2-305(2)
• D)2-306

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Definitions:

Debit Column

A column in financial statements and ledgers used to record and summarize debit transactions.

Worksheet

A document used in accounting to gather information from ledger accounts for use in preparing financial statements.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was acquired and placed into service.

Balance Sheet

is a financial statement that provides a snapshot of a company's financial position at a specific point in time, detailing assets, liabilities, and equity.