Examlex
The goal of assessment is to:
Checks Cleared
The process where bank checks are verified and funds are transferred from the check writer's account to the recipient's account.
Checks Written
Financial documents that instruct a bank to pay the specified amount from the drawer's account to the person or entity named on the check.
Deposits In Transit
Funds that have been sent to a bank but not yet recorded by the bank in the company’s account balance.
Outstanding Checks
Checks that have been written and recorded in a company's accounting system but have not yet been cashed or cleared by the bank.
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