Which of the following is one of the UCC's requirements for an instrument to be negotiable:
a. it must be oral
b. it must not state a certain sum of money
c. it must be payable on demand or at a specified time d. none of the other specific choices are correct
e. all of the other specific choices are correct
c
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Accountants are the main reason financial statements are prepared
a. True b. False Indicate whether the statement is true or false
As production becomes more automated, direct labor may be viewed more as a conversion cost than as a prime cost
Indicate whether the statement is true or false
Total operating expenses on Legg Company's income statement for last year totaled $260,000. During the year the accrued liabilities decreased by $12,000, and prepaid expenses increased by $18,000. Depreciation expense for the year were $25,000. Based on this information, operating expenses adjusted to cash basis under the direct method on the statement of cash flows would be:
A) $255,000. B) $315,000. C) $205,000. D) $265,000.
Chase Company has 10 employees, who earn a total of $1,800 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is:
A. Debit Salaries Expense, $5,400; credit Salaries Payable, $5,400. B. Debit Salaries Payable, $5,400; credit Salaries Expense, $5,400. C. Debit Salaries Expense, $3,600; credit Salaries Payable, $3,600. D. Debit Salaries Expense, $9,000; credit Salaries Payable, $9,000. E. Debit Salaries Expense, $5,400; credit Cash, $5,400.