Under the UCC, Prompt Shipment of Goods Is Considered an Acceptance

question 48

True/False

Under the UCC, prompt shipment of goods is considered an acceptance of an offer to buy the goods.

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Definitions:

Special Journals

Accounting records that are used for the repeated recording of similar types of transactions, such as sales or purchases.

Control Accounts

An account in the general ledger that summarizes and aggregates the details of a subsidiary ledger.

Subsidiary Ledger

A detailed ledger that provides a breakdown of individual accounts receivable, accounts payable, or other account categories that together constitute a general ledger account.

General Ledger

A comprehensive ledger containing every financial transaction throughout a company's existence.