The Definition of a Cheque Under the Cheques Act 1986

question 32

Multiple Choice

The definition of a cheque under the Cheques Act 1986 (Cth) stipulates that a cheque is really a certain kind of order.The definition does not include a requirement that such an order:

• A)is conditional.
• B)is addressed by a person to a financial institution.
• C)is signed.
• D)that requires the financial institution to pay a sum on demand.

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Definitions:

Wages Owed

The total amount of compensation that a company owes to its employees for work performed but not yet paid.

Cash Account

A ledger account that represents the amount of cash a company has on hand at any given time.

Credit

An accounting entry that either decreases assets or increases liabilities and equity on a company's balance sheet, or an entry on the right side of a double-entry bookkeeping system that represents the addition of value to an account.

Debit

An accounting entry that increases assets or expenses or decreases liabilities, equity, or revenue.