Section 2A-201(1) of the Uniform Commercial Code (UCC) States Which

question 44

Multiple Choice

Section 2A-201(1) of the Uniform Commercial Code (UCC) states which of the following?

• A) All lease contracts must be in writing.
• B) Lease contracts involving payments of $1,000 or more must be in writing.
• C) All sales contracts must be in writing.
• D) Sales contracts involving payments of $500 or more must be in writing.

---

Definitions:

Cash Dividends

Payments made by a corporation to its shareholders as a distribution of profits, typically in the form of cash.

Consolidated Income Tax Return

A single income tax return filed by an affiliated group of corporations, combining their tax liabilities.

Operating Income

Represents the profit a company makes after deducting operating expenses such as wages and cost of goods sold (COGS), but before interest and taxes.

Initial Value Method

An accounting approach where investments are first recorded at their acquisition cost.