Which of the Following Is True Regarding the Creation of the Uniform

question 41

Multiple Choice

Which of the following is true regarding the creation of the Uniform Commercial Code?

• A)The Uniform Commercial Code was created by the National Conference of Commissioners on Uniform State Laws,the American Law Institute,and the U.S.Commercial Consortium.
• B)The Uniform Commercial Code was created by the National Conference of Commissioners on Uniform State Laws and the American Law Institute,but not the U.S.Commercial Consortium.
• C)The Uniform Commercial Code was created by state legislative representatives from all 50 states.
• D)The Uniform Commercial Code was created by a federal congressional committee.
• E)The Uniform Commercial Code was created by the U.S.Commercial Consortium and the National Conference of Commissioners on Uniform State Laws,but not the American Law Institute.

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Definitions:

Income Statement

A financial statement that shows a company's revenues, expenses, and profits over a period of time.

Absorption Costing

An approach to pricing that involves including every manufacturing expense - like direct materials, direct labor, as well as fixed and variable overheads - in calculating the cost of a product.

Income Statement

A financial statement that reports a company’s financial performance over a specific accounting period.

Manufacturing Margin

The difference between the cost of goods produced and the sales revenue from those goods, indicating the profitability of manufacturing activities.