Name at Least Five Classifications of ALL, and Explain How

question 12

Essay

Name at least five classifications of ALL, and explain how they are different.

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Definitions:

Drawee

Bank that drawer has an account with.

Credits Account

A financial record that boosts a liability or equity account, or lowers an asset or expense account.

Drawee

The party in a bill of exchange who is directed to pay the specified amount, typically a bank.

Co-signer

An individual who signs a loan or credit application with another person, promising to pay the debt if the primary borrower does not.