A Financing Statement Is Valid

question 5

Multiple Choice

A financing statement is valid:

• A) for a period of five years from the date of filing.
• B) until a continuation statement is filed after its expiry.
• C) until the creditor is in possession of the collateral.
• D) for a period of ten years from the date of filing.

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Definitions:

Accounting Period

A specific time frame for which financial accounting records are kept, closing with a balance sheet.

Process Cost System

A type of cost system that accumulates costs for each of the various departments within a manufacturing facility.

Job Order

An order for products or services issued by a company to manage production or service tasks as per client requirements.

Customer Specifications

Customer specifications are the detailed descriptions or requirements given by a customer regarding how a product or service should be delivered or executed.