Which of the Following Is Not True Regarding a Drawer's

question 57

Multiple Choice

Which of the following is not true regarding a drawer's duty to discover and report alterations and forgeries?

• A) If there is a series of forgeries,the drawer's failure to discover and report these to the bank could relieve the bank of some liability.
• B) A drawer must report a forgery or alteration within 6 months or the bank is discharged.
• C) The bank is not always liable for paying a check over a forged signature.
• D) The statutory time is 30 days to report a series of forgeries.

Realize the importance of the retail inventory method and its requirements.

Understand the basics of the perpetual and periodic inventory systems, including their journal entries.

Calculate inventory balances using different costing methods such as LIFO, FIFO, and average cost under both perpetual and periodic systems.

Identify the appropriate inventory costing method for various types of businesses.

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Definitions:

Family History

Information about health disorders within a person's family, used to assess the risk of hereditary conditions.

Disease Risk

The likelihood or probability of an individual developing a health condition or disease over a certain period of time.

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Adhering to a diet rich in nutrients, balanced in major food groups, and appropriate in calories to maintain health and energy levels.

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A holistic approach to maintaining physical, mental, and emotional well-being.