A Report That Includes the Group Calculations Such as Subtotals

question 25

True/False

A report that includes the group calculations such as subtotals, but does not include the individual detail lines, is called a summary report.

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Definitions:

Collecting Bank

A bank that processes checks and other negotiable instruments on behalf of a depositor, collecting funds from the bank on which the instruments are drawn.

Restrictive Endorsement

A limitation placed on the use of a check or other negotiable financial instrument, specifying conditions under which it can be transferred or cashed.

Stop Payment Order

A request made to a bank to cancel a check or payment that has not been processed yet.

Subrogation

The legal process by which one party stands in for another to claim restitution or indemnity from a third party for a loss or damage.