The Absence of the Words "To the Order Of" Indicates

question 70

Multiple Choice

The absence of the words "to the order of" indicates which of the following,in a goods-in-bailment contract?

• A)A shipment contract
• B)An origin contract
• C)A negotiable document
• D)A nonnegotiable document
• E)Nothing,there is no such thing as a goods-in-bailment contract

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Definitions:

General Ledger

A comprehensive ledger that contains all the financial accounts of a business, recording every transaction that occurs.

Accounts Receivable Subsidiary Ledger

A detailed ledger that tracks individual transactions with customers, supporting the summary balances shown in the main accounts receivable account.

Accounts Payable

Accounts payable refers to the amounts owed by a company to its creditors for goods or services received that have not yet been paid for.

Nominal Accounts

Accounts that are closed at the end of each accounting period; includes revenue, expense, and withdrawal accounts.