Describe and Explain the Steps in the Critical-Thinking Process

question 5

Essay

Describe and explain the steps in the critical-thinking process.

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Definitions:

NSF Check

A check that has not been honored by the bank due to insufficient funds in the account to cover the amount.

Outstanding Checks

Checks that have been written and recorded in a company’s ledger but have not yet been cleared or deducted from the bank account balance.

Credit Memo

A document issued by a seller to a buyer, reducing the amount owed by the buyer under certain circumstances, such as returned goods or an overcharge.

Debit Memo

A document issued by a seller of goods or services to a buyer, reducing the amount the buyer owes under the original invoice.