Blank Checks

question 124

Multiple Choice

Blank checks

• A) should be safeguarded.
• B) should be pre-signed.
• C) do not need to be safeguarded since they must be signed to be valid.
• D) should not be prenumbered.

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Definitions:

Statement Of Owner's Equity

A report that summarizes the fluctuation in the equity of a business due to profits earned, dividends paid, and capital invested during a specific period.

Income Statement

A financial statement that shows the company's revenues and expenses over a specific period, culminating in the net income or loss for that period.

Statement Of Owner's Equity

A financial document showing the changes in the equity portion of a company's balance sheet, including investments by and distributions to owners.

Capital Balance

A term used to indicate the amount of funds in a company or an individual's capital account at a specific point in time.