The Original Source of the Uniform Commercial Code Was

question 52

Multiple Choice

The original source of the Uniform Commercial Code was:

• A)The U.S.Constitution.
• B)Congress.
• C)The state legislature of Delaware.
• D)The United Nations.
• E)The National Conference of Commissioners on Uniform State Laws.

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Definitions:

Correcting Entry

An accounting entry made to amend errors found in the financial statements after they have been finalized.

Balance Incorrectly

An error condition where the totals of the debit and credit sides of an account (or the entire accounting ledger) do not match.

Trial Balance Preparation

The process of summarizing all the financial transactions in a company's general ledger accounts to ensure debits equal credits.

Account Balance

The amount of money in a financial repository, such as a checking account or investment account, at any given time.