Which of the Following Is True Regarding Oral Assignments

question 66

Multiple Choice

Which of the following is true regarding oral assignments?

• A) In some cases, assignments may be made orally.
• B) Assignments, regardless of the terms, are not covered by the statute of frauds.
• C) The UCC requires that assignments be in writing when the amount being assigned is greater than $1,000.
• D) The UCC requires that assignments be in writing when the amount being assigned in greater than $1,500.
• E) The UCC requires that assignments be in writing when the amount being assigned is greater than $2,000.

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Definitions:

Note Disclosures

Refers to additional information provided in a company's financial statements, which helps in understanding the numbers presented and includes details such as accounting policies and future obligations.

AASB 101

The Australian Accounting Standards Board document specifying the presentation of financial statements, providing guidelines for structure and minimum requirements for their content.

Impairment of Assets

A decrease in the recoverable value of an asset below its carrying amount, leading to an adjustment of its valuation on the balance sheet.

Financial Position

The status of the assets, liabilities, and equity of an entity as detailed in the balance sheet, indicating the entity’s economic resources and obligations at a given time.