Date Variables Are Automatically Set to Which Value When Created

question 8

Multiple Choice

Date variables are automatically set to which value when created?

• A)1/1/1980 12:00:00 AM
• B)1/1/2000 12:00:00 AM
• C)1/1/0001 12:00:00 AM
• D)1/1/0000 12:00:00 AM

Understand the accounting entries related to stock transactions, including the purchase of common stock by stockholders.

Differentiate between various types of accounts based on their normal credit balance and understand how transactions impact these accounts.

Analyze and record transactions related to payments (e.g., insurance, dividends), emphasizing the correct application of debit and credit rules.

Identify errors based on the balance of specific accounts and understand the impact of incorrect entries.

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Definitions:

Financing Statement

A document filed to give public notice of a secured creditor's interest in the property of a debtor, usually used in securing personal property transactions.

Secured Party

A lender or investor who has a legal right or interest in collateral pledged by a borrower to secure repayment of a loan.

Revised Article 9

An update to the Uniform Commercial Code that deals with secured transactions, outlining the rules regarding the granting of a security interest in personal property.

UCC

An all-encompassing body of laws, known as the Uniform Commercial Code, administers the conduct of commercial transactions throughout the United States.