In Which of the Following Conditions Is a Drawee Primarily

question 1

Multiple Choice

In which of the following conditions is a drawee primarily liable to a draft?

• A)when the instrument is issued
• B)when the instrument is dishonored
• C)when the instrument s presented for payment
• D)when the drawee is an acceptor to the instrument

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Definitions:

Free Play Time

Unstructured and voluntary play that allows individuals, especially children, to engage in activities of their own choosing.

Contra-liability Account

An account on the balance sheet that reduces the total amount of liabilities, working opposite to the way most liabilities function.

Mortgage Payable

A liability account on the balance sheet representing the borrower's obligation to repay a loan used to purchase property.

Beginning Inventory

The value of a company’s inventory at the start of an accounting period, before any purchases or sales have occurred.