Revised Article 3 Recognizes the Modern Bank Practice of Retaining

question 21

True/False

Revised Article 3 recognizes the modern bank practice of retaining checks,and permits the bank to supply only a statement showing the item number,amount,and date of payment.

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Definitions:

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows and outflows a company receives from its ongoing operations, investment, and financial activities.

Noncash Investing

Transactions that involve the exchange of non-monetary assets or liabilities for other non-monetary assets or liabilities, without the use of cash.

Net Increase in Cash

The total change in cash and cash equivalents indicating the difference between cash inflows and outflows over a period.

Presentation of Activities

The structured detailing of actions taken or planned by an organization, often applied in the context of reporting or strategic planning.