Under the Electronic Fund Transfer Act, If You Fail to Tell

question 250

True/False

Under the Electronic Fund Transfer Act, if you fail to tell your bank that your bank card has been stolen, you may be responsible for all losses incurred due to unauthorized use.

---

Definitions:

Expenses

Outflows or utilizing of assets, incurring liabilities resulting from operating activities, typically categorized into cost of goods sold, operating expenses, and non-operating expenses.

Chart Of Accounts

A systematic listing of all account titles and numbers being used by an organization to track its financial transactions and to prepare financial statements.

Balance Sheet Accounts

Financial accounts that represent the assets, liabilities, and shareholders' equity of a company at a specific point in time, as shown on the balance sheet.

Order

A request by a customer or company to purchase goods or services, often formalized through a purchase order document.