A Bank Gives Value When It Allows a Depositor to Withdraw

question 37

True/False

A bank gives value when it allows a depositor to withdraw funds against a deposited check.

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Definitions:

Fees Revenue

Income earned from providing services, as opposed to selling goods.

Accumulated Depreciation

The total amount of a tangible asset's cost that has been allocated to depreciation expense since the asset was put into use.

Fees Earned

Revenue earned from providing services, as opposed to selling goods.

Income Summary

An account used in the closing process that summarizes the revenues and expenses of an accounting period.