Office Application Corporation (OAC) Sends an E-Record to Precision Design

question 5

Multiple Choice

Office Application Corporation (OAC) sends an e-record to Precision Design, Inc. Under the UETA, the record will be considered received when it

• A) enters Precision's processing system in a readable form, even if no person is aware of its receipt.
• B) enters Precision's processing system in a readable form, only if a person is aware of its receipt.
• C) is midway between the parties' processing systems.
• D) passes out of OAC's control.

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Definitions:

Record Payments

The process of documenting all money transfers made to settle debts or for purchases in the accounting records of a company.

Perpetual Inventory Method

An accounting method for maintaining continuous records of inventory balances, with updates made for each purchase and sale transaction.

Merchandise Inventory

Products held by a business for the purpose of sale to customers, a key asset in retail and wholesale operations.