The Sale or Disposal of a Significant Component of a Company's

question 128

Multiple Choice

The sale or disposal of a significant component of a company's operations is referred to as:

• A)A discontinued operation.
• B)An extraordinary item.
• C)Other revenues and expenses.
• D)Gain or loss on sale of assets.

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Definitions:

UCC

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across American states.

Actual Knowledge

Direct awareness or understanding of a fact, without needing to infer from other facts.

Holder In Due Course

A legal term for someone who has acquired a negotiable instrument, like a check, in good faith and is entitled to payment.

Unauthorized Signature

A signature placed on a document by someone not explicitly authorized to do so by the person whose signature is forged.