Examlex
Which of the following statements regarding sensory systems is correct?
NSF Check
A check that is not honored by a bank due to insufficient funds in the account of the person who wrote it; also known as a bounced check.
Bank Service Charge
Fees charged by banks for various services such as account maintenance, transactions, or overdrafts.
Deposits In Transit
Funds that have been received and recorded by a business but not yet recorded by the bank.
Outstanding Checks
Outstanding Checks are issued checks recorded by the issuing entity but have not yet been cashed or cleared by the bank, impacting the reconciling of bank statements.
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