All of the Following Are Items That Cause a Difference

question 152

Multiple Choice

All of the following are items that cause a difference between the bank balance and the book balance except:

• A)cancelled cheques.
• B)deposits in transit.
• C)outstanding cheques.
• D)NSF cheques.

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Definitions:

Usury

Charging of excessively high interest rates on loans, often regulated by law to protect borrowers from predatory lending practices.

Annual Interest

Annual interest refers to the percentage rate charged on a loan or earned on an investment over the course of a year.

Disaffirm

The legal act of declaring a contract or agreement void and refusing to honor it, usually due to issues like minor status or fraud.

Semi-invalid

Describes a state or condition where something or someone is partially, but not completely, invalid or unacceptable.