Stephania Drafted a Cheque That Named Wilbur as the Payee

question 22

Multiple Choice

Stephania drafted a cheque that named Wilbur as the payee and the Bank of Alberta as the drawee.The cheque was certified.This must mean that

• A)certification was provided in response to Stephania's request.
• B)certification was provided in response to Wilbur's request.
• C)the cheque has already been dishonoured.
• D)the cheque has been endorsed by at least one person.
• E)the drawee believes that the drawer's account contains sufficient funds.

---

Definitions:

Decrease Assets

A reduction in the total value of assets owned by an entity, occurring through expenses, losses, asset disposals, or using up assets in operations.

Financial Statement

Formal records of the financial activities and position of a business, person, or other entity, which include the balance sheet, income statement, and cash flow statement.

Income Statement

A report detailing a business's earnings, expenditures, and overall profit or loss for a certain timeframe.

Balance Sheet

A financial briefing that condenses the assets, liabilities, and equity shares of a business at a designated point in time.