Which of the Following States That in the Case of Multiple

question 51

Multiple Choice

Which of the following states that in the case of multiple assignments of the same right,the first assignee to give notice of assignment to the obligor is the party with rights to the contract?

• A) The first-assignment-in-time rule
• B) The last-assignment-in-time rule
• C) The English rule
• D) The French rule
• E) The American rule

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Definitions:

Investing Activity

Transactions involving the purchase and disposal of long-term assets and other investments, not including cash equivalents, part of a company’s cash flow statement.

Other Income

Revenue from non-primary business activities, such as rent, patents, or interest earnings, not related to the company's main business operations.

Gain on Sale

The profit realized when an asset is sold for a price higher than its book value.

Indirect Method

A cash flow statement methodology that adjusts net income for changes in non-cash transactions and working capital to calculate cash flow from operating activities.