A Potential Lawsuit Claim Is Disclosed When the Claim Can

question 9

True/False

A potential lawsuit claim is disclosed when the claim can be reasonably estimated and it is reasonably possible.

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Definitions:

Outstanding Deposit

Refers to funds that have been deposited in a bank account but have not yet been credited or made available for use.

Outstanding Checks

Checks that have been written and recorded in the account ledger but have not yet been cashed or cleared by the bank.

Adjusted Balance

The method of calculating finance charges on a credit account by subtracting payments or credits received during the billing cycle from the balance at the end of the billing cycle.

Check Register

A record-keeping tool used to track checks written, deposits made, and the current balance of a checking account.