Ana Writes a Check to Becky on Ana's Account at Community

question 63

Multiple Choice

Ana writes a check to Becky on Ana's account at Community Bank. The bank dishonors the check even though Ana has sufficient funds in her account. The bank is liable to

• A)Ana.
• B)Becky.
• C)the payee on Ana's next check.
• D)no one.

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Definitions:

Periodic Inventory Method

An accounting method that calculates the cost of goods sold and ending inventory levels at the end of an accounting period by conducting a physical count.

Payroll Department

The Payroll Department is responsible for managing employee compensation, including calculating wages, withholding taxes, and distributing paychecks.

Last Week's Wages

The total amount of compensation paid to employees for their work in the previous week.

Periodic Inventory Method

An accounting method that records inventory purchases and sales periodically, typically at the end of an accounting period.