An NSF Cheque Received from a Customer Should Appear in Which

question 15

Multiple Choice

An NSF cheque received from a customer should appear in which section of the bank reconciliation?

• A) addition to the balance per books
• B) deduction from the balance per books
• C) addition to the balance per bank
• D) deduction from the balance per bank

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Definitions:

Collateral

Collateral refers to properties or assets that a borrower offers to a lender as security for a loan or credit, and that can be taken by the lender if the borrower fails to pay back the loan.

Perfection

In the context of secured transactions, perfection refers to the legal process by which a secured party establishes a priority claim against the collateral in the event of debtor default.

UCC

The Uniform Commercial Code (UCC) represents a detailed collection of statutes that regulate all commercial dealings within the United States.

After-Acquired Property

Property acquired by a debtor after the security arrangement is made.