Thomas, the Holder of a Check, Presents It to the Drawee

question 46

True/False

Thomas, the holder of a check, presents it to the drawee bank for payment. If Thomas indorses the check, Thomas warrants that the account of the drawer in the drawee bank contains funds sufficient to cover the check.

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Definitions:

Significant Influence

Refers to the power to participate in the financial and operating policy decisions of an investee but is not control over those policies.

Investee's Board

The group of individuals elected by shareholders to oversee the management and make strategic decisions for a company in which investment has been made.

Computing Services

The provision of computational resources, such as servers, storage, databases, networking, software, analytics, and intelligence, over the Internet.

FVTOCI

Fair Value Through Other Comprehensive Income (FVTOCI) is an accounting classification for financial assets, indicating changes in fair value are reported in other comprehensive income rather than profit or loss.