Under the UCC Which of the Following Statements Is Sufficient

question 57

Multiple Choice

Under the UCC which of the following statements is sufficient to make a promise or order to pay conditional?

• A) "I promise to pay from the corporate account."
• B) "I promise to pay as per the contract for the sale of goods between the parties."
• C) "I promise to pay because I owe the money."
• D) "I promise to pay if the following occurs."
• E) "Borrower may pay without penalty all or a portion of the amount owed earlier than it is due."

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Definitions:

Debits and Credits

Accounting terms used to record changes in accounts, where debits are entries on the left side of an account and credits are entries on the right.

Adjusting Entries

Journal entries made at the end of an accounting period to update accounts for accuracies in preparation for financial reporting.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones.

End-Of-Period Spreadsheet

A document used in accounting to compile all balance sheet and income statement accounts at the end of a reporting period.