Processing the Payroll Liability Balances Report Does Not Generate the Checks

question 79

True/False

Processing the Payroll Liability Balances Report does not generate the checks for payment of the liabilities.

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Definitions:

Outstanding Checks

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

Outstanding Deposit

Funds that have been received but not yet processed by a financial institution.

Bank Statement Balance

The total amount of money that is available in a bank account at a particular point in time, as recorded by the bank.

Checkbook Balance

The current total amount of funds available in a checking account, reflecting all transactions that have been recorded in the checkbook ledger.