Outstanding Checks Refer to Checks That Have Been

question 190

Multiple Choice

Outstanding checks refer to checks that have been:

• A)Written,recorded,sent to payees,and received and paid by the bank.
• B)Written and not yet recorded in the company books.
• C)Held as blank checks.
• D)Written,recorded on the company books,sent to the customer,supplier,or creditor but not yet paid by the bank.
• E)Issued by the bank.

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Definitions:

Interest Payment

The amount paid at intervals by a borrower to a lender as compensation for the use of borrowed money.

Principal Payment

A payment towards the original amount of a loan, not including interest.

Warranty Repairs

Services offered to fix or replace defective products within a specified period, as guaranteed by the warranty terms.