Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

7. Receivables and Investments

Types of Receivables

Financial Accounting

7. Receivables and Investments

Types of Receivables

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Multiple Choice

Which document is filed to give public notice that a loan has been made on a cooperative apartment?

Assignment of Lease

UCC-1 Financing Statement

Mortgage Deed

Promissory Note

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Verified step by step guidance

Understand the context of the question: The problem is asking about the document used to give public notice of a loan on a cooperative apartment. This involves understanding the legal and financial documentation related to loans and cooperative apartments.

Review the options provided: The options include 'Assignment of Lease,' 'UCC-1 Financing Statement,' 'Mortgage Deed,' and 'Promissory Note.' Each of these documents serves a specific purpose in financial and legal transactions.

Clarify the purpose of each document: (1) 'Assignment of Lease' transfers lease rights from one party to another. (2) 'UCC-1 Financing Statement' is used to publicly declare a creditor's interest in a debtor's personal property. (3) 'Mortgage Deed' secures a loan with real property. (4) 'Promissory Note' is a written promise to repay a loan.

Focus on cooperative apartments: Cooperative apartments are not considered real property but rather personal property (shares in a corporation). Therefore, the document used to give public notice of a loan on such property would typically be the 'UCC-1 Financing Statement,' as it applies to personal property.

Conclude the reasoning: Based on the nature of cooperative apartments and the purpose of the documents, the 'UCC-1 Financing Statement' is the correct document to file for public notice of a loan on a cooperative apartment.