A Bank Must Give Notice of Dishonor Within One Business

question 13

True/False

A bank must give notice of dishonor within one business day and a nonbank within three business days of the day on which it receives notice of dishonor.

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Definitions:

Sales Slip

A document that records the details of a transaction made between a buyer and a seller.

Cash Register Tape

A paper roll or digital record used in cash registers to record transactions made during a business day.

Owner's Equity

The residual interest in the assets of a company after deducting liabilities.

Trial Balance

A trial balance is a bookkeeping report that lists the balances in each of an organization's general ledger accounts.