When You See the Message That Your Bank Account Is

question 28

Multiple Choice

When you see the message that your bank account is overdrawn after posting a payment, you should −

• A) call the bank to arrange for overdraft protection
• B) call the bank to cancel the cheque before the supplier can deposit it
• C) require your customers to settle their accounts to increase your bank account balance
• D) none of the above

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Definitions:

Groups of Assets

Collections of multiple assets owned by a company that are used together in the company's operations.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, recognizing the asset's wear and tear, deterioration, or obsolescence.

Long-Lived Tangible Asset

Physical assets that have a useful life of more than one year, used in the operation of a company.

Future Periods

Timeframes that are ahead of the current date, focusing on planning or projections in accounting or strategic planning.