A Check You Issued Last Week Has Been Stolen

question 34

Multiple Choice

A check you issued last week has been stolen. You can prevent the amount on the check from being withdrawn from your account by an unauthorized person by:

• A)writing a new check.
• B)depositing the correct amount of money.
• C)requesting a stop payment.
• D)tearing up the check.
• E)properly endorsing the check.

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Definitions:

Carrying Amount

The amount at which an asset or liability is recognized on the balance sheet after deducting any accumulated depreciation, amortization, or impairment.

Fair Value

An estimate of the price at which an asset or liability would be traded between knowledgeable, willing parties in an arm's length transaction.

Costs To Sell

The direct costs attributable to the disposition of an asset, excluding finance costs and income taxes.

Impairment Loss

A charge to the income statement that occurs when the carrying amount of an asset exceeds its recoverable amount, indicating the asset is not expected to generate future economic benefits.