Multiple Choice
Which of the following best describes financial accounting?
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1. Introduction to Accounting
Types of Accounting
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Which of the following transactions would be covered by Article 2 of the Uniform Commercial Code (UCC)?
A
A contract for professional accounting services
B
A lease agreement for office space
C
A contract for the sale of goods between two businesses
D
A mortgage agreement for real estate
Verified step by step guidance1
Understand the scope of Article 2 of the Uniform Commercial Code (UCC), which primarily governs transactions involving the sale of goods. Goods are defined as tangible, movable items.
Analyze each transaction in the problem to determine whether it involves the sale of goods. For example, professional accounting services and lease agreements for office space are not considered goods under Article 2.
Recognize that a mortgage agreement for real estate is also excluded from Article 2 because real estate is not classified as goods; it is immovable property.
Identify that a contract for the sale of goods between two businesses fits the criteria of Article 2, as it involves tangible, movable items being exchanged.
Conclude that the correct transaction covered by Article 2 of the UCC is the contract for the sale of goods between two businesses, as it aligns with the definition and scope of the article.
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