Under the Merchants' Exception Rule of the UCC,within a Reasonable

question 26

Multiple Choice

Under the merchants' exception rule of the UCC,within a reasonable time of making an oral contract,if a merchant sends a written confirmation to another,and if the confirmation is definite enough to bind the sender herself,then the merchant who receives the confirmation will also be bound by it unless he objects in writing within

• A)3 days.
• B)5 days.
• C)10 days.
• D)30 days.

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Definitions:

Trial Balance Totals

The cumulative sum of all debits and credits in a trial balance, which should equal to ensure the ledger is balanced.

Normal Balances

The side (debit or credit) of an account that is expected to have a positive balance.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, including the balance sheet, income statement, and statement of cash flows.

Debit

An entry in the accounts that represents an increase in assets or expenses or a decrease in liabilities, equity, or revenue in a double-entry bookkeeping system.