What does perfection mean on the CPA exam?
Perfection. The step that makes a security interest good against other creditors, usually by filing a financing statement. Attachment makes the interest good against the debtor; perfection makes it good against the world.
Defined against UCC Sec. 9-308.
Which CPA exam sections use perfection?
Perfection appears in the REG section of the CPA exam.
Related terms
- consumer goods: Goods bought mainly for personal, family or household use.
- statement of cash flows: The statement that explains the change in cash by sorting it into operating, investing and financing activity.
- married filing separately: A filing status where spouses report their own income on their own returns.
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- SOC 2 report: A report on a service organization's controls against the trust services criteria, covering security plus any of availability, processing integrity, confidentiality, and privacy that are selected.