All of the Following Are Parties to a Check Except

question 39

Multiple Choice

All of the following are parties to a check except the

• A) bank.
• B) Federal Reserve.
• C) maker.
• D) payee.

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded so far for an asset, reducing its book value on the balance sheet.

Useful Life

The estimated duration over which an asset is expected to be economically useful to its owner.

Statement of Financial Position

A financial document presenting an entity's assets, liabilities, and equity at a specific date, more commonly known as a balance sheet.

Prepayment Accounts

Accounts that reflect payments made in advance for expenses that will be incurred in future periods, treated as assets until used.