Which rule states that if someone issues an instrument to a person who does not exist, then any indorsement in the name of the payee is valid as long as the person who pays the instrument does not know of the fraud?
a. The Imposter Rule
b. The Indorsement Rule
c. The Conversion Rule
d. The Fictitious Payee Rule
d
Business
You might also like to view...
A stock split results in a transfer at market value from retained earnings to paid-in capital
a. True b. False Indicate whether the statement is true or false
Business
The periodicity assumption recognizes that
a. the company may continue indefinitely. b. all financial statements should cover a fiscal year. c. it is useful to estimate the business's net income in terms of accounting periods. d. the value of an asset may vary from month to month.
Business
Open-book management systems are usually easy to implement
Indicate whether the statement is true or false
Business
Beginning a sentence with "And" or "But" is an error
a. true b. false
Business