On a Bank Statement,deposits Are Listed as Debits and Cleared

question 186

True/False

On a bank statement,deposits are listed as debits and cleared checks are listed as credits.

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Definitions:

Reasonable Commercial Standards

The accepted norms and practices within a specific industry that are considered fair and appropriate.

Honesty in Fact

A concept referring to the genuine intention or belief without intent to deceive in transactions or dealings.

Conform to Contract

The requirement that goods or services supplied under a contract must meet the specifications agreed upon in the contract.

Substitute Goods

Products or services that can be used in place of one another, offering consumers alternatives.