Which of the Following Refers to the Assets Resulting from the Exchange

question 35

Multiple Choice

Which of the following refers to the assets resulting from the exchange or disposal of collateral subject to a security agreement?

• A) sale proceeds
• B) future advances
• C) floating lien
• D) after-acquired property

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Definitions:

Posted Correctly

The action of accurately recording transactions in the appropriate accounts in an accounting system.

Ledger

A book or digital record in which a company maintains its accounts, tracking all financial transactions systematically.

Financial Statements

Financial statements are formal records of the financial activities and position of a business, person, or entity, providing key information on its financial health.

Post. Ref. Column

Short for Posting Reference Column, it's used in journal entries to indicate where data is transferred in the ledger.